This is exactly what PMG is designed for ie. install/build time process level sandboxing. It currently doesn't support cargo, but I believe the challenges are same.

Here is my learning building PMG:

Sandboxing is good when the workload is predictable, and the goal of sandbox is to guard against exploitation of vulnerabilities, like sandbox protecting chrome tabs (renderers). But unfortunately build scripts are not predictable, at least not in npm/pypi world and I have seen build scripts doing weirdest of the things which is no different from malware. When popular packages do weird things, build breaks and users end up turning off the sandbox. This is a perpetual problem to deal with while building sandbox (or any least privilege solution) to protect unbounded workloads.

https://github.com/safedep/pmg

The "How PMG Works" section on Github does not actually explain how it works