My experience with it is that functional components always grow and end up with a lot of useEffect calls. Those useEffects make components extremely brittle and hard to reason about. Essentially it's very hard to know what parts of your code are going to run, and when.
I'm sure someone will argue, just refactor your components to be small, avoid useEffect as much as possible. I try! But I can't control for other engineers. And in my experience, nobody wants to refactor large components, because they're too hard to reason about! And the automated IDE tools aren't really built well to handle refactoring these things, so either you ask AI to do it or it's kind of clunky by-hand. (WebStorm is better than VSCode at this, but they're both not great)
The other big problem with it is it's just not very efficient. I don't know why people think the virtual DOM is a performance boost. It's a performance hack to get around this being a really inefficient model. Yes, I know computers are fast, but they'd be a lot faster if we were writing with better abstractions..