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I don't think people are concerned about the performance here. It just gets messy quickly. Most of the state management libraries allow you to avoid passing a value up and down the tree.

Amen. I'm glad I'm not the only person that has resorted to this. I've done it on Angular too in the past. Just a core service that holds all the state, import it into everything.

Then you are prop drilling. Most projects I work on have hundreds of components and that would get old fast.