The GIL does not protect that code anymore than it does this equivalent Python code:

  if len(lst) >= 3:
    lst[0] = "..."
    lst[1] = "..."
    lst[2] = "..."

Neither is thread safe with respect to ensuring that multiple threads don't modify lst in an interleaved fashion. If that's a critical section, then it has to be protected with a lock other than the GIL.

Your example is not thread safe because the GIL does not protect critical sections like that. The GIL only protects the Python internal interpreter state. PyList_SetItem discards a reference to the item being replaced. If the ref count of the item becomes zero, then the item's destructor is run. The destructor can release the GIL.

IOW, your code is not much different than the equivalent Python code:

  if len(lst) >= 3:
    lst[0] = "..."
    lst[1] = "..."
    lst[2] = "..."

You'd never expect that to be thread safe either without using something like a threading.RLock() around it.

References:

• https://docs.python.org/3.8/c-api/list.html#c.PyList_SetItem

This function “steals” a reference to item and discards a reference to an item already in the list at the affected position.

• https://docs.python.org/3/c-api/refcounting.html#c.Py_DECREF

Warning: The deallocation function can cause arbitrary Python code to be invoked (e.g. when a class instance with a __del__() method is deallocated).

• https://docs.python.org/3/extending/newtypes_tutorial.html#a...

But this would be risky. Our type doesn’t restrict the type of the first member, so it could be any kind of object. It could have a destructor that causes code to be executed that tries to access the first member; or that destructor could release the Global interpreter Lock and let arbitrary code run in other threads that accesses and modifies our object.

Let's look at the code:

1. PyList_SetItem calls Py_XSETREF(dst, src) where dst is the list position:

https://github.com/python/cpython/blob/ee46cb6aa959d891b0a48...

2. Py_XSETREF calls Py_XDECREF on the old item:

https://github.com/python/cpython/blob/ca8b55c7f54b38e264056...

3. Py_XDECREF calls Py_DECREF on non-Null objects:

https://github.com/python/cpython/blob/main/Include/object.h...

4. Py_DECREF can cause arbitrary code to run.

Yes, you are absolutely right, but that doesn't change the fact that many extensions are written as if innocuous function calls like PyList_SetItem won't context switch. It mostly works fine since custom destructors releasing the GIL are extremely rare.

"Mostly works fine."

I dunno, I'd rather have a reliable bug than a heisenbug.

Any class with a __del__() method is going to release the GIL. That's not uncommon. My intuition is that threaded Python is rarer than classes with a __del__() method.