Here is my take on your question.
> I'm curious why your perspective on Rust as a HW engineer.
C, C++ and Rust requires you to know at least the basics of the C memory model. Register variables, heap, stack, stack frame, frame invalidation, allocators and allocation, heap pointer invalidation, etc. There are obviously more complicated stuff (which I think you already know, seeing that you're an embedded developer), but this much is necessary to avoid common memory errors like memory leaks (not a safety error), use-after-free, double-free, data-race, etc. This is needed for even non-system programs and applications, due to lack of runtime memory management (GC or RC). You can get by, by following certain rules of thumb in C and C++. But to be able to write flawless code, you have to know those hardware concepts. This is where knowledge of process and memory architecture comes in handy. You start with the fundamental rule before programming, instead of the other way around that people normally take. Even in Rust, the complicated borrow checker rules start to make sense once you realize how they help you overcome the mistakes you can make with the hardware.
> Hardware does a ton of things - DMA, interrupts, etc. that are not really compatible with Rust's memory model - after all Rust's immutable borrows should guarantee the values you are reading are not aliased by writers and should be staying constant as long as the borrow exists.
> This is obviously not true when the CPU can either yank away the execution to a different part of the program, or some foreign entity can overwrite your memory.
I do have an answer, but I don't think it can be explained in a better way than how @QuiEgo did it: You can 'sandbox' those unsafe parts within Rust unsafe blocks. As I have explained elsewhere, these sandboxed parts are surprisingly small even in kernel or embedded code (please see the Rust standard library for examples). As long as you enforce the basic correctness conditions (the invariants) inside the unsafe blocks, the rest of the code is guaranteed to be safe. And even if you do make a mistake there (i.e memory safety), they are easier to find because there's very little code there to check. Rust does bring something new to the table for the hardware.
NOTE: I believe that those parts in the kernel are still in C. Rust is just a thin wrapper over it for writing drivers. That's a reasonable way forward.
> Additionally, in low-level embedded systems, the existence of malloc is not a given, yet Rust seems to assume you can dynamically allocate memory with a stateless allocator.
That isn't true. @QuiEgo already mentioned no_std. It's meant for this purpose. Here is the reference: https://docs.rust-embedded.org/book/intro/no-std.html#bare-m...