Where I suspect we might disagree is the idea that everything should fit into this model. Sometimes the data models and relationships get more complicated and the one-way flows implied by the basic idea of reactivity are no longer sufficient. Sometimes the shape of the data flow graph changes on the fly, because we need multiple instances of certain parts of the state. Then we need a way to distinguish between those instances and often some way to connect the repeated parts of the graph back to the wider graph so that we can make changes to the duplicated parts but still enforce relationships with other parts of the data model.
I have never so far seen a reactivity-based approach to modelling state that handles more demanding scenarios like these gracefully, nor a convincing theory for doing so without introducing more than just a general global data store and simple reactivity. This is where I believe there is still a lot of potential for finding better ways to model the data and then better tools to implement those models. The trick, as again you said yourself, is to find the essential aspects and make it simple to describe them without the accidental complexity from the tools becoming excessive.