You should never have multiple versions of the same code in objects that end up linked together, that's a recipe for ODR.
However, the Rust Arrow library bumps its major version every few months because it changes methods and auxiliary types, without changing the memory layout of arrays. But this means you can't have two dependencies (eg. an ORC parser and a CSV serializer) that depend on different versions of Arrow if you want to pass arrays from one dependency's functions to the other's.
And vendoring like you mention won't help, because the Rust compiler wouldn't recognize both vendored Arrow crates as compatible.
I don't use Rust or third-party build or packaging systems -- I usually recommend that people don't do so either, but I understand that cargo is part of the appeal of Rust.
I'd say just build whatever you need to do, this way you won't be limited by arbitrary restrictions others have decided.
And sure, I can soft-fork dependency B to add support for arrow 53, and dependency A to depend on my soft-fork of dependency B, but it quickly becomes messy. Especially when in parallel I send unrelated patches to A and/or B.
You onboard a version and make sure everything you need can build against it, patching software as needed.
Also don’t write your own billing system unless you’re a finance company.