They forgot to add (I believe this was not deliberate, maybe their users already infer that) that this only actually performs the check on Debug and ReleaseSafe modes, not on ReleaseFast mode. Which is reasonable I guess because this is a memory write/read/branch in a super hot code path, but undermines a large part of the guarantee in my opinion (doesn't Zig have a debug allocator that could catch the mistake in the example just as well?).

Debug allocator can't catch it because it's not an allocation bug. Debug allocator finds bugs by marking memory during alloc/free and inspects them upon deinit. Pointer to a memory location change is not something allocator has control over. Possible solutions: smart array list implementation (this article), move semantic analysis (Rust's borrow checker), runtime introspection (https://fil-c.org/).