It's a nice feature but I can't help feeling like, if you need a stable pointer to an item in a collection, ArrayList is the wrong data structure to use? Maybe someone can chime in and give me an example of when you'd do this instead of, e.g., just storing an index. Alternatively, you could use an Unrolled Linked List (FKA SegmentedList in Zig before it was removed in 0.16, not sure why).
The proposed change doesn't do much for me personally (memory safety is ensured in other ways, and if it weren't I wouldn't be annoyed debugging the allocator-observed errors), but I could see myself using it at some other point in time for the same class of usages, or I could see other people relying on it when they choose that class of coding.