Although they will happily crawl and render JS heavy content, I strongly suspect bloat negatively impacts the "crawl budget". Although in 2024 this part of the metric is probably much less than overall request latency. If Googlebot can process several orders of magnitude of sanely built pages with the same memory requirement as a single React page, it isn't unreasonable to assume they would economize.
Another consideration would be that "properly" used, a JS heavy page would most likely be an application of some kind on a single URL, whereas purely informative pages, such as blog articles or tables of data would exist on a larger number of URLs. Of course there are always exceptions.
Overall, bloated pages are a bad practice. If you can produce your content as classic "prerendered" HTML and use JS only for interactive content, both bots and users will appreciate you.
HN has already debated the merits of React and other frameworks. Let's not rehash this classic.