It's very thin syntactic sugar over a function call. It has a very simple 1:1 mapping to the output code, as opposed to "magically reactive `foo = bar`.
> I'm sure not many people would be willing to argue that throwing promises (as react suspense supposedly does) is a holy grail of frontend development, even though it is "just javascript".
I'll give you that hooks and suspense are straying further from normal js because they don't behave like normal functions do and have special rules for being called; hooks are a DSL for encoding incremental computations into js, and suspense is just the react team fawning over algebraic effects/delimited continuations and trying to reproduce them in js.
But then again, all of these can be defined in normal JS code as opposed to a DSL which compiles to who knows what, so all the rules applying to normal JS and its tooling apply to them.