That's a cool find. I wonder if LLVM also does the other way around operation, where it pattern matches handwritten CAS loops and transform them into native ARM64 instructions.
An example you'll see in say a modern C compiler is that if you write the obvious loop to calculate how many bits are set in an int, the actual machine code on a brand new CPU should be a single population count instruction, C provides neither intrinsics (like Rust) not a dedicated "popcount" feature, so you can't write that but it's obviously what you want here and yup an optimising C compiler will do that.
However, LLVM is dealing with an IR generated by other compiler folk so I think it probably has less use for idiom recognition. Clang would do the recognition and lower to the same LLVM IR as Rust does for its intrinsic population count core::intrinsics::ctpop so the LLVM backend doesn't need to spot this. I might be wrong, but I think that's how it works.