Yes, Flutter does this as well and they’re both very popular. When done properly, UI is a pure function of state and you have some simple mechanism for notifying the UI that state has changed.
How does this work with e.g. a text editor? It doesn't seem practical to have your UI be a pure function of an input which is 100+ MBs of text and formatting.
Both Flutter and React will take the next UI frame and figure out what the diff is between the last frame and the next and only apply the difference. In React it’s called the shadow dom. Flutter will also only render what it needs to so you shouldn’t render the entire file at once. Just render what’s on screen and lazy load as you’re scrolling.