In short, probably not, but it may not be out of the question.
The two primary runtimes for Armory are HL/C, a virtual machine for Haxe that compiles to C and allows it to communicate with native C/C++ libraries such as Bullet physics, and Krom, which is a JavaScript runtime for Armory that allows you run you game quickly without having to wait for C code to compile. Krom is what supports executing WASM, which, by definition runs in the Javascript VM.
I don’t know how Rust can bind to C/C++ libraries, but it might be possible to write Rust code and compile it to WASM for Krom during development, letting you get fast build times, and compiling it to native code that binds to the C/C++ generated by HL/C for production builds. That would all depend on the ability to bind Rust to the entire Armory API; I don’t know how that works, but it might be possible in the future.
Either way Krom is actually very fast, and I think that WASM might be even faster than the rest of Armory that is compiled to plain JavaScript ( not really sure ), so it shouldn’t be a problem even if you had to use the VM, as long as you don’t have to deploy to consoles or iOS where Krom doesn’t work.