Googlebot renders, but that is not the whole story
Googlebot does execute JavaScript, which is why "SPAs can't rank" is out of date. What it does is defer: pages are crawled first, queued for rendering, and rendered when capacity allows. The delay varies and the queue has a budget.
For a large site or a frequently changing one, that delay is the problem — content can be days old before it is indexed, and pages can be dropped from the render queue entirely.
The larger issue is everything that is not Googlebot. GPTBot, ClaudeBot and PerplexityBot do not execute JavaScript at all. A site whose content only exists after hydration is not merely slow to index; it is absent from every AI answer engine, which for many sites is now the faster-growing channel.