It's not a silver bullet, it will show you areas where memory safety issues could arise, but doesn't necessarily prove the presence of memory safety issues. Memory safety issues aren't the only type of security bug so them being impossible also doesn't mean it's entirely safe. You can think of issues like injection attacks or faulty ACL logic happening without memory unsafety.

There's also cargo-crev, which is an attempt at making a web of trust for reviews of third party packages: https://github.com/crev-dev/cargo-crev - for a longer form article on what crev's goals are and how it works, I found this explained it for me: https://wiki.alopex.li/ActuallyUsingCrev