Not only that, but a lot of the state is essentially the same for many/all users/connections and can be shared.

Let's say in a chat app with a Redux setup I'd maintain channel users, messages, own profile details etc. in the app's own local state. With LiveView I'd only need to store the user specific stuff in this user's own state. Some of which I'd store in the socket.assigns of Phoenix Channels subscriptions even now with a conventional Redux setup.