Let's take a CMS as an example. The "Edit blog post/page" function can be its own SPA avoiding page reload when the post is modified. Managing the list of posts/pages can be another. A page reload in between steps is fine. Nowadays internet speed is fast and latency is pretty low. Browsers are also very efficient and vive caching. If you keep your SPAs small, the user won't see the lag going from one page to another.
Multiple SPAs also allows you to keep things modular. Different teams can own different parts.
Do not however bundle the entire CMS into a single SPA. It will most likely contain a lot of code and resources to load. That will kill performance and slow down development over time.