That's not really true: Rust's borrowing and ownership apply to most kinds of in-program resource ownership and aliasing, not just memory.
> The resulting code then creates an increased cognitive load which can make other bugs more likely.
I'm not saying you're wrong, but I'd like to see any evidence for this. Personally, I'd expect the opposite to be true: knowing whether any given object is non-exclusively borrowed, exclusively borrowed, or owned at any point in the program sounds like very useful documentation for people reading the code.