There is bunch of people copy pasting documentation to SO "explaining" server GC. I am running bunch of .NET stuff in VMs and never set "Server GC" and never ran into issues with default but also not sure if it is worth testing out.
I guess it does not matter much if you are running in containers but I am running on VMs in IIS.
It probably wouldn't be usable for a general-purpose programming language, but for a special-purpose scripting language I could see it making the language implementation easier.
Another solution is to make things immutable (like Erlang), or "as-if" immutable (like Koka), which guarantees that data can only point to things that have already been defined, preventing cycles.* Erlang uses this to simplify generational collection - because old data can't point to young data, it doesn't need a card table or anything like that.
I think it's perfectly possible to have a general purpose language without cycles: you can just use integer indices into an array instead of pointers if you want cyclic data structures. This is common in Rust, when people want to avoid the overhead of reference counting, but don't want to use unsafe code.
* A hidden assumption here is that the language is eagerly evaluated. There are languages like Haskell that have immutability and cyclic data structures.
But if it was a simple scripting language and you needed that constraint, it’s relativity easy to implement.