The code won't magically stop running because the Rust community continued evolving the language. The old toolchains will be available if there's a compatibility change.
Probably just depends on what you are doing. Library support could move forward and new features / security updates for libraries that are not part of core Rust could possibly be an issue if they don't work on older versions.
Might not matter for a lot of embedded, but if you are doing something like exposing functionality via a webserver or something that would be network-connected, then security updates in third-party libraries may be important.
For example, it would be really easy for me to run old code that's pinned to something like Python 3.7, but if libraries have updated to Python 3.x without backwards compatibility, then I'm stuck using the out of date versions or just backporting myself.
Probably just depends on what you are doing. Library support could move forward and new features / security updates for libraries that are not part of core Rust could possibly be an issue if they don't work on older versions.
Might not matter for a lot of embedded, but if you are doing something like exposing functionality via a webserver or something that would be network-connected, then security updates in third-party libraries may be important.
For example, it would be really easy for me to run old code that's pinned to something like Python 3.7, but if libraries have updated to Python 3.x without backwards compatibility, then I'm stuck using the out of date versions or just backporting myself.