I think this is a bit of a mischaracterization. While there can of course be bugs in LLVM (and rustc and clang), what sort of LLVM IR you generate matters. To be able to generate IR that conforms to the provenance model of the language you first need to have such a model.
As far as I know (and this matches what I found when search the rust issue tracker) there is currently one major known LLVM bug in this area (https://github.com/rust-lang/rust/issues/147538) with partial workarounds applied on the Rust side. There is some issues with open question still, such as how certain unstable features should interact with provenance.
I think calling the current situation "fairy tale world" is a gross exaggeration. Is it perfectly free of bugs? No, but if that is the criteria, then the entirety of any compiler is a fairy tale (possibly with the exception of some formally verified compiler).