I have worked with storybook extensively over the past couple of years and my team is moving away from it in favour of MSW (https://mswjs.io).
For "4th page of a 10 page form" during the development there's hot reloading which is really stable nowadays and haven't failed me, although I understand that some setups are old and it might be easier to configure Storybook than good hot reloading.
I'm not entirely sure about the testing part of it and I'd be grateful if you could elaborate. I haven't felt the need for some special setup with SB because for unit tests, I can test a deeply nested component separately with react-testing-library. For E2E tests, I usually test the whole form anyway.
I agree on the component library part, this is probably the only use case where Storybook is 100% justified, but I'm unconvinced about the usual SPA use case