I see that you are using useMemo to persist the observable across renderings, however useMemo is / might not be stable in the future.

You may rely on useMemo as a performance optimization, not as a semantic guarantee. In the future, React may choose to “forget” some previously memoized values and recalculate them on next render, e.g. to free memory for offscreen components.
https://reactjs.org/docs/hooks-reference.html#usememo