The pro-web-component folks argue that WCs are standardised and will continue to work basically indefinitely regardless of the ebbs and flows of popular libraries, and because it's easier to progressively enhance and therefore more accessible. This is correct, and those points are valuable if what you seek is a way to add resilient islands of interactivity to your document.
The pro-framework folks argue that in their model where the entire UI is a function of state, WCs are incredibly cumbersome, because all you really want from a component is to be a smaller function with which you can compose part of the whole. They are not nearly as concerned with maintaining that component under React vX in five year's time, because the entire system is written in React vX. The components are not maintained or used as individual units unless you are shipping a library. This is also correct, and those points are valuable if what you seek is an effective way to break down complexity in your application UI.
Of course, many (maybe even most?) SPAs should be documents with progressive interactivity—it involves less fighting with the fundamentals of the web (which is, ultimately, still based around documents) and therefore offers better performance and accessibility with less effort. SSR for frameworks is an absurdly complex solution to a problem that doesn't exist if you can just send a complete document right to the browser.
But, likewise, implementing a genuine high-interactivity web application using web components would be far more difficult than using a framework, and I am certain would result in re-implementing some sort of reactive UI/function-of-state paradigm anyway.
Personally I think it's kind of a pointless debate, until and unless we get something that is close enough to <insert popular JS framework here> + SSR built into the browser. I don't know how that would work or whether it's even possible, but at that point the set of standards would actually cover all of the problems everyone is trying to solve and it would be worth arguing whether or not to use them.