Basically, the interpreter interpret's rustc's internal IR, so it can theoretically support the entire language. That's not a good idea for various reasons, though, so its capabilities are effectively on an allowlist, that we expand over time as we're sure we want to enable a given feature.
That seems like a really good design, as opposed to having an AST interpreter like I might do otherwise. But would this indeed support a "much larger set of features" than constexpr as was claimed?
It has been a while, and I’m remembering from a discussion of new features in C++20, but I recall that constexpr isn’t capable of fully supporting memory allocations made during evaluation, while Rust’s const fn will eventually be able to.