So the remaining bounds check is off the hot path where it doesn’t matter. But in the hot path where you should be bounded by HW limits, it can be a significant slowdown. Prediction can help but it’s not free.
So for most people, they only need to care about bounds checking when they’re doing something in the hot path and even then only when their hot path is running into HW limits. If their hot path is some complicated CPU computation, bounds checking should be but a blip unless you do something stupid like check the bounds too frequently.
So the general advice to not worry too much about bounds checks when writing Rust is directionally correct for the vast majority of people, but recognize it’s incorrect in places and it’s hard to notice because it’s such a small thing hidden in code gen without an easy flag to test the impact.