> assuming all allocations had invalid pages at the end of the allocation & no 2 allocations share a page
This assumption doesn't hold for real world systems -- most allocations are small, so heap allocators typically support a minimum allocation size of 16 bytes. Requiring each allocation to have its own page would be a 256x memory overhead for these small allocations (assuming 4k pages, and even worse as systems are moving to 16k or 64k page size). Not to mention destroying your TLB.
Also, guard pages only solve the problem if the program tries to access the entire array (like when sorting or reading a string). For other types of out-of-bounds array access where an attacker can control the index accessed, they can just pass in an index high enough to jump over the guard page. You can "fix" this with probing, but at that point just bounds-checking is much simpler and more performant.