You can attach about a hundred asterisks to that.
If anything, I think self the failure to hit L5 driving after billions of dollars and millions of man hours invested is probably reflective of how automatic C to Rust translation will go. We'll cruise 90% of the way, but the last 10% will prove insurmountable with current technology.
Think about the number of C programs in the wild that rely on compiler-specific or libc-specific or platform-specific behavior, or even undefined behavior plus the dumb luck of a certain brittle combination of {compiler version} ∩ {libc version} ∩ {linker version} ∩ {build flags} emitting workable machine code. There's a huge chunk of C software where there's not enough context within the source itself (or even source plus build scripts) to understand the behavior. It's not even clear that this is a solvable problem in the abstract.
None of that is to say that DARPA shouldn't fund this. Research isn't always about finding an industrial strength end product; the knowledge and expertise gained along the way is important too.