This is one of the nicer ones.
It looks pretty conservative in it's use of Rust's advanced features. The code looks pretty easy to read and follow. There's actually a decent amount of comments (for rust code).
Not bad!
But then there's this Arc, Ref, Pinning and what not - how deep is that rabbit hole?
What tends to make Rust complex is advanced use of traits, generics, iterators, closures, wrapper types, async, error types… You start getting these massive semi-autogenerated nested types, the syntax sugar starts generating complex logic for you in the background that you cannot see but have to keep in mind.
It’s tempting to use the advanced type system to encode and enforce complex API semantics, using Rust almost like a formal verifier / theorem prover. But things can easily become overwhelming down that rabbit hole.