I hope they have thought this through carefully, because it potentially exposes everyone on EC2 to more, potentially worse, attacks.
When ENA is used in virtualized instances, Intel VT-d and SR-IOV are used to bypass the hypervisor. When ENA is used in a bare metal instance, the OS simply has direct access to the PCI device. In either case the device is a controlled surface, and VPC software defined networking deals with verifying and encapsulating network traffic.
But how many hundreds of millions of lines of code are on these systems, roughly? Ballpark estimate.
You have full access to the machine, so you can update firmware / tinker with BIOS etc.
Then let the machine go back into the pool, and wait for it dial home.
There is some mitigation, but this is a major reason a lot of vendors do not do per second / minute bare metal.