That's backwards... Rust's way to do cancellation is simply to drop the future (i.e. let it deallocated). There is one big caveat here though, namely the lack of async drop as others pointed out.
In the current Rust io_uring-like stuffs can be safely implemented with an additional layer of abstraction. Some io_uring operations can be ongoing when it looks fine to borrow the buffer, sure. Your API just has to ensure that it is not possible to borrow until all operations are finished then! Maybe it can error, or you can require something like `buf.borrow().await`. This explicit borrowing is not an alien concept in Rust (cf. RefCell etc.) and probably the best design at the moment, but it does need dynamic bookkeeping which some may want to eliminate.