Under load it's zero syscall (barring any rare allocations inside rustls for the handshake. I can't guarantee that it never does).
Without load the overhead of calling (effectively) sleep() is, while technically true, not relevant.
But sure, you can tweak the busyloop timers and burn 100% CPU on kernel and user side indefinitely if you want to avoid that sleep-when-idle syscall. It's just… not a good idea.
In my experience, trying to use io_uring for spinning/no-system-call uses is not straightforward.
First, there are some tricks required to actually make it work at all, then there is a problem that you'll need a core not only for userland, but also inside the kernel, both of them per-application.
Sharing a kernel spinning thread across multiple applications is also possible but requires further efforts (you need to share some parent ring across processes, which need to be related).
Overall I feel that it doesn't really deliver on the no-system-call idea, certainly not out of the box. You might have a more straightforward experience with XDP, which coincidentally gives you a lot more access and control as well if you need it.
Without load the overhead of calling (effectively) sleep() is, while technically true, not relevant.
But sure, you can tweak the busyloop timers and burn 100% CPU on kernel and user side indefinitely if you want to avoid that sleep-when-idle syscall. It's just… not a good idea.