'A million tokens of context' is literally Terrabytes of KV cache VRAM on very expensive Nvidia silicon - on the model.
On the Agent, yes, the context window does relate to RAM, because the 'entire conversational history' is generally kept in memory. So ballpark 1M 'words' across a bunch of strings. It's not that-that much.
Claude Code is not inneficient because 'it's not Rust' - it's just probably not very efficiently designed.
Rust does not bestow magical properties that make memory more efficient really.
A bit more, but it's not going to change this situation.
'Dong it in Rust' might yield amazing returns just because the very nature of the activity is 'optimization'.
Rust "denialism" is as annoying as rust evangelism.
Of course any seemingly idiomatic rust is going to run circles around TS transpiled into JIT-compiled JS.