On the client parsing is fast, but the slow part is the browser laying out the page and fetching new resources - but that is going to be slow anyway, even if you do client side rendering. To make that fast you need do something more intelligent than just rendering a different React component, as well as prefetching resources in the background. But how many SPAs actually bother trying to do that?
I agree that SPAs have their place, and they have a lot of advantages over what we had before, but I just don't understand how it has seemingly become the default for any kind of web development - with such disregard for performance.