If we do decide to concern ourselves with performance TLS has zero overhead and doesn't suffer from contention while rseq (at minimum) carries a penalty if preempted and involves setting a flag plus exhibits a data dependence for the address offset (the latter since AFAIK compilers don't natively support it as they do TLS). So while I'm certainly open to benchmarks to me it very much looks like a mixed bag that only comes up when you're already in questionable territory to begin with. In the event that we do step outside the norm I'd guess that a handful of threads with contention is a much more common scenario than thousands of threads per physical core exhibiting only minimal preemption.
I also expect something like a web server servicing thousands of requests in parallel to use an event loop instead of spawning an equivalent number of threads. I'm struggling to come up with a scenario where you haven't already fatally shot yourself in the foot and this remains a useful optimization to make. It's certainly relevant if you're using fibers (green threads, whatever you want to call them) but at that point you aren't in c calling malloc and your language runtime will (one hopes) already be taking care of all this for you.