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Did you even read the docs for this project? In my opinion, this pulls together different tools that improve developer experience dramatically. For me personally, hot reloading is quite useful.
Hot reloading is not exclusive to react. Live reloading has been around for about a decade and is compatible with everything that renders to a web browser.
I have not seen any evidence of that being true.
To be clear, React reloading doesn't reload the whole bundle. Only the specific module modified is updated and re-executed.
It's a major improvement over normal reloading techniques which typically either reload the whole page or the whole bundle.