Great points ... my takeaway from this is that comparing React and WCs might be like comparing apples and oranges. Therefore it seems to me that the author is a little too hasty to predict that WCs will "replace" React any time soon, rather I expect both to coexist and complement each other well into the future.
React is giving us more than just a way to author components, it's also bringing architectural "best practices" to the table when we want to compose these components into complete apps. WCs typically offer a fairly 'low level' procedural/imperative API and the rest is up to the dev to figure out.
As soon as you put libraries on top of WC's to mitigate these shortcomings/limitations then you end up not much different than when you use React to build your app.
React is also arguably a "broader" solution than WCs (look at React Native, SSR etc).
So you could say that React (at least 'React Web') could be built "on top of" WCs, but not the other way around. React is more an approach or methodology to compose components and create apps, the "low level" components themselves could perfectly well be WCs.
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