The real difference in why the kernel can work with that and other projects can't is the D in BDFL. What Linus says goes, so there's an ultimate arbiter (for better or worse) that can settle these problems, and set the tone. The LKML doesn't need a code of conduct because Linus is the example of conduct, which in this case is "words don't matter put up or shut up". That'f fine, as long as you're aware and okay with marginalizing the people that don't deal well with that, which can, and has happened on the LKML. But that's a choice for Linus. Rust doesn't have a BDFL, so there's no ultimate authority to define what's right or wrong for Rust and the community around it (as much as a BDFL can for something at large as a language). In that situation, a code of conduct that exists to set some sane defaults can be useful.
For a programming language community though I don't think that's the kind of approach to take. Sure, it could work and you may get some very talented people to help, but it's also arbitrarily limiting the kinds of people who can contribute and feel welcome based on the thickness of their skin, not on their technical ability. You may consider this timewasting, but I think it's more like a clever and nuanced form or marketing. Not only do you get the benefits of including more potentially skilled people into your community, you encourage them to actually get involved with the language. It seems like a worthwhile investment to me.
Dude what you listed are trivialities and if you consider the throughput of Rust project the time taken must surely be negligible. I wonder what Theo or Brad think about timewasting on that other paragon of a project you mentioned.