It might help to think about whether you want an actual singular concrete thing, which means you need static or whether you just want to talk about the idea and so it doesn't matter whether at runtime this exists many places or nowhere at all, which is a const.

Statics can be mutated - though not safely - because they are a single concrete thing so they can be changed, whereas it can't mean anything to mutate a constant, hence the word "constant".

For larger objects you might want a single concrete thing even though it might intuitively not seem important because it impacts performance. For example if we keep talking about FACTOR[n] where FACTOR is an array of a million numbers (maybe computed by scientist colleagues for your application) and n is a variable, if FACTOR is const Rust is going to just put a copy of that enormous array everywhere it needed to do this indexing operation, which gets out of hand really fast, whereas if we use static we get a single concrete thing, named FACTOR and everywhere in the program will use that one single million number array, much tidier and less likely to result in say, running out of RAM on a small computer.