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If not the borrower-checker or the code-generator, what's the slow part of Rust compilation? The front-end?

The slowest part is code-gen indeed, that's why cargo-check[0] is really fast. [0]https://doc.rust-lang.org/cargo/commands/cargo-check.html

Typically the bottleneck is monomorphizing generic code. Also evaluating macros (if they're being used).