However one reason to prefer an iterator chain in some cases is that the chain might imply an optimisation you'd otherwise have to write manually and might not think of.

For example if I have N things, and I map them, perhaps more than once, but I'm definitely getting N of whatever the output of the last map was, the iterator chain might very well see that I don't actually have any way to change N and so when I collect() that into a Vec the Vec it gives me is constructed with capacity N, saving the (amortized but non-zero) cost of growing it during insertions.

Imperatively I can remember to write Vec::with_capacity(N), and that's safe of course but it's an extra step to remember.

The imperative approach does particularly shine on the opposite edge of this, if I know that I'm getting no more than 100 items out of this pipeline, despite putting N in, Rust almost certainly won't see that and won't make Vec::with_capacity(100) for a collect() call whereas my imperative code can just explicitly write Vec::with_capacity(100) or whatever.