Me, I've never heard of it but, like purple loosestrife, is a plant that should be on everyone's hit list and a ban on its growing outside of its natural growing areas.
Purple loosestrife, for years was a plant that the Ducks Unlimited people took on themselves to warn jurisdictions about its endangering wetlands. Yet, in Ontario, which once did ban its growing, now has some nurseries selling it openly. For sure, it has a beautiful flowering habit and produces seeds on one plant in the millions and if allowed to go to seed poses a risk to nearby water sites.

From the map that sites suggest it is growing, California on over to Kentucky, it appears Arundo is not hardy to our winters and so poses little risk of making it here.
Then again, plants have an inner strength to put up with many dangers to itself and usually surprises us.

There are always people who will bring it up if they think their riverbank needs some erosiion control and Arundo donax appears to be able to do that.

I have been growing arundo donax and arundo donax ' Variegata ' here for the last 5 -7 years . Since there is no reliable snow cover in this area and we receive numerous freeze / thaw cycles I usually mulch them with leaves for a bit of extra ' life' insurance . If you want something a bit hardier that is BIG AND BOLD , try Miscanthus Giganteus ( Floridus )