I wonder what is gained by this port though, if the C++ codebase already employed modern approaches to memory management. It's entirely possible that the Rust version will perform worse too as compilers are less mature.

"modern approaches to memory management" aren't enough for complete memory safety.

Maybe, but it's certainly possible to write memory safe code in C++. It may be more or less difficult, but it isn't typically the ONLY objective of a project. C++ has other advantages too, such as seamless integration with C APIs and codebases, idiomatic OOP, and very mature compilers and libraries.