This is almost always unsafe.
An Arc<T> is just a pointer to a heap-allocated struct which roughly looks like
struct ArcInner<T: ?Sized> {
strong: atomic::AtomicUsize,
weak: atomic::AtomicUsize,
data: T, // You get a raw pointer to this element
}
into_raw() gives you a pointer to the data element. The implementation of Arc::from_raw() takes such a pointer, assumes that it's a pointer to the data-element in an ArcInner<T>, walks back in memory and assumes to find an ArcInner<T> there. This assumption depends on the memory-layout of T, specifically it's alignment and therefore it's exact placement in ArcInner.
If you call into_raw() on an Arc<U> and then call from_raw() as if it was an Arc<V> where U and V differ in alignment, the offset-calculation of where U/V is in ArcInner will be wrong and the call to .clone() will corrupt the data structure. Dereferencing T is therefore not required to trigger memory unsafety.
In practice, this might not be a problem: Since data is the third element after two usize-elements, most T will probably be aligned the same way. However, if the stdlib-implementation changes or you end up compiling for a platform where this assumption is wrong, reconstructing an Arc<V>::from_raw that was created by an Arc<U> where the memory layout of V and U is different will be unsafe and crash.
Update:
Having thought about it some more I downgrade my vote from "might be safe, but cringy" to "most likely unsafe" because I can always do
#[repr(align(32))]
struct Foo;
let foo = Arc::new(Foo);
In this example Foo will be aligned to 32 bytes, making ArcInner<Foo> 32 bytes in size (8+8+16+0) while a ArcInner<()> is just 16 bytes (8+8+0+0). Since there is no way to tell what the alignment of T is after the type has been erased, there is no way to reconstruct a valid Arc.
There is an escape hatch that might be safe in practice: By wrapping T into another Box, the layout of ArcInner<T> is always the same. In order to force this upon any user, you can do something like
struct ArcBox<T>(Arc<Box<T>>)
and implement Deref on that. Using ArcBox instead of Arc forces the memory layout of ArcInner to always be the same, because T is behind another pointer. This, however, means that all access to T requires a double dereference, which might badly affect performance.