Asbestos is still used in a wide variety of products from brake pads to asphalt. Houses next to stop signs will meter higher than the rest of the houses on the street. I don't remember if they meter higher than "safe" levels, but regardless, no one is doing anything about it. Asbestos is dangerous when it becomes fryable, which essentially means broken into small enough pieces to be inhaled into your lungs. Asbestos is terrible for your lungs because it is basically a stone, and once it gets into your lungs, it's not going anywhere. I say all this to give context rather than a hearty "don't worry 'bout it."
That said, whatever fryable asbestos contaminated that cutter probably blew away long before any of that rust set in.