In my previous role I worked on a React app that was essentially just a big SVG editor for lawyers to make legal step diagrams (complex maps of legal structures that define how they change over time). Our solution to the z-index issue was to make extensive use of React portals to things lower down the doc tree when they were in focus. It worked really well, but I would have killed for proper z-index support. It would have greatly simplified my code.
I don't really care about the GPU acceleration; adding layers to SVGs is an amazing change on its own. Kudos to the team behind this. I hope it gets adopted everywhere.