eglot-workspace-configuration (what rust-lang/rust uses in its dir-locals.el) only sets the workspace configuration, which is distinct from the initialization options. The recommended way to configure rust-analyzer is via the initialization options, which are currently not being set.
I believe eglot-initialization-options being overridden (without calling cl-call-next-method) by rustic mode also makes this worse by disrupting the normal way of configuring initializationOptions, which is through eglot-server-programs.