Redux just moves your state management to a separate place. In other words it applies separation of concerns (single responsibility principle). As a result, your "view" code does less stuff and state management can be separately focused on.
When should you do this? When your React code gets too complicated to handle (because of heavy state management) and you feel it would be best to separate state management and move it elsewhere. Otherwise using React context is fine.
An additional consideration is that Redux and everything it requires (thunk, Sagas / redux-observables) are fairly complicated. This should be considered when deciding whether to introduce it or not.
EDIT: It's not deprecated. You just may not needed.
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