Haven't used a Windows machine for a while but I remember there were bunches of different VS Runtime version installed on my PC before. Some app installers came with a runtime installer, but if the required runtime version was installed it would just use that one. I think this might somewhat reduce the installed app size for Electron apps as at least some stuff got reused.
npm install -g electron
electron ./myapp
Or as npx gets more widely deployed: npx electron ./myapp
That's not a particularly "robust" way to install applications and you can't use native libraries outside of the base Electron distribution, and you'd mostly only be useful to devs with NodeJS already installed, but it's an option of a sort.(It still won't share as much runtime memory as you might want, but it would reduce install footprints at least.)
I'm surprised that I haven't yet seen a fork of electron-windows-store [2] that makes use of the UWP webview, as that seems an obvious enhancement to me. The Electron remoting between webviews and Electron code is already setup well enough you should be able to run the Node app as a UWP background app and use UWP remoting.
[1] https://github.com/pojala/electrino [2] https://www.npmjs.com/package/electron-windows-store