This is the wrong question. I use React for SPA use cases and then initial loading time is secondary but I tell you something, my stock React SPA with tons of js and assets has following loading times:
DOMContentLoad: 1.08sec, Load: 2.26sec
and let's look at nextjs.org:
DOMContentLoad: 1.09sec, Load: 2.31sec
I mean this comparison doesn't make sense because you don't know my SPA and I could write anything here but test it yourself. I just don't see a clear use case for Next.js. Just make an example, you sell some SaaS. Make the web product as React SPA but the marketing landing pages as normal express/pug site. Both the web product and the landing pages have different use cases: one needs to create leads and the other one has to increase customer satisfaction. These are different goals, so maybe you should also use different tools.