Financially that reasoning makes sense but economically it’s stupid because you will end up with the same shitty uncompetitive product as everyone else. The developer counter argument is to just raise salaries, but over that past 2 years salaries have exploded and yet businesses have doubled down on this idea of prioritizing candidate selection and no training.
To your point about code quality I agree. I have an OS frontend written in JavaScript that fully loads (completes page render with state restoration) in under 200ms according to Chrome’s performance tool. The code is about 340kb unminified. You won’t that with React.