This is one of the features that Ruby cribbed directly from Perl. The Ruby documentation seems really bad, in particular “interpolation mode” is grievously misleading.
Perl’s documentation is far more clear about the consequences:
(https://perldoc.perl.org/perlop#Regexp-Quote-Like-Operators)
o Compile pattern only once.
[…]
PATTERN may contain variables, which will be
interpolated every time the pattern search is
evaluated, except for when the delimiter is a
single quote. […] Perl will not recompile the
pattern unless an interpolated variable that
it contains changes. You can force Perl to skip
the test and never recompile by adding a /o
(which stands for "once") after the trailing
delimiter. Once upon a time, Perl would recompile
regular expressions unnecessarily, and this
modifier was useful to tell it not to do so,
in the interests of speed. But now, the only
reasons to use /o are one of:
[reasons]
The bottom line is that using /o is almost
never a good idea.
In the days before Perl automatically memoized the compilation of regexes with interpolation, even back in the 1990s, it said,
However, mentioning /o constitutes a promise
that you won't change the variables in the
pattern. If you change them, Perl won't even
notice.
Perl 4’s documentation is briefer. It says,
(https://github.com/Perl/perl5/blob/perl-4.0.00/perl.man#L272...)
PATTERN may contain references to scalar
variables, which will be interpolated
(and the pattern recompiled) every time the
pattern search is evaluated. […] If you want
such a pattern to be compiled only once, add
an “o” after the trailing delimiter. This
avoids expensive run-time recompilations, and
is useful when the value you are interpolating
won't change over the life of the script.