You have to setup nightly release channel toolchain.
rustup install nightly
rustup update nightly
rustup component add --toolchain=nightly rls-preview rust-analysis rust-src
Note: You don't have to set nightly as a default channel. In general, RLS works on stable channel when nightly toolchain is installed.
code --install-extension rust-lang.rust
If you do not have code command, see https://code.visualstudio.com/docs/setup/mac#_launching-from-the-command-line
Open preferences in VSCode (command + ,) and add the following to the configuration:
"[rust]": {
"editor.formatOnSave": true
},