But React core APIs remain relatively stable, I've been using React the same way for many years at this point, and you can ignore the parts you don't like, like I'm ignoring hooks and haven't found a single use case where I needed them.
Class based React is great. My old projects are cleanly structured, but harder to change. Class based React also lacks the composability you get with hooks.
Turning it around, what exactly are you unable to do without useState/useEffects?
Usually that array is mapped elsewhere and those child components might also re render if the array is recalculated.
useEffects are when I need to call something outside of react, or when the page gets mounted or I need to call a function when something changes.
I'm still fairly new to this, the above examples may scream bad architecture to those more experienced, all criticisms welcome :)
No criticism really. Your useMemo example is the right use. Your useEffect use is fine, but for things like api calls (which 'call something outside of react' may refer to), you're often better leaning on something like react-query, which is of course built on top of useEffect. So still the right tool, but let others handle many of the sharp edges around that problem.
useMemo dependency smell. This is almost always because your dependencies are wrong. This can often happen if you put a dependency as [object] instead of [object.field] due to how JavaScript maps objects to memory.