It is! It can be overkill for very simple React apps, but I used it to build a power-user tool a couple years ago that would have been impossible to do with Redux or hooks.
Hooks are never the solution for state on their own. They're more for localized to a single component state.
That's why I brought up Relay (this is not the same as React, but works with React), cause it's what FB uses to stitch together global state between hundreds of different sub-components.
That being said, Relay does NOT have a simple object interactive state ability. It's an obscure "external store" with weird querying and mutating rules that can feel quite difficult to work with at times.