Yes and no. Even within libstd, some things require A=GlobalAlloc, eg `std::io::Read::read_to_end(&mut Vec<u8>)` will only accept Vec<u8, GlobalAlloc>. It cannot be changed to work with Vec<u8, A> because that change would make it not dyn-compatible (nee "object-safe").
And as you said it will cut you off from much of the third-party crates ecosystem that also assumes A=GlobalAlloc.
But if the subset of libstd you need supports A=!GlobalAlloc then yes it's helpful.