The feature has been demanded for core since at least 2010, r67281:
We might want to try guessing which interwikis may be relevant
to the reader and highlight them somehow, though.
For now it's available in ULS, it's unlikely for it to be redeveloped elsewhere.
Niharika, not all known bugs and enhancement requests are filed in bugzilla, can you please file them? They'll then need to be triaged to identify which are blockers for the feature to be default.
Performance wise, mw.loader.inspect() shows zero impact on the size of the modules loaded, whether this is enabled or not, for a registered user on the Italian Wikipedia (not vanilla preferences), i.e. 574.9 kB.
Chromium dev console throttled at Good 3G (1 MB/s, 40 ms RTT) shows 35 requests, 215 kB transferred and finish in 2.21 s on https://it.wikipedia.org/wiki/Suillus_bovinus with the beta enabled; 34 requests, 214 kB and finish in 2.22 s without (plus/minus some ms).