I have some use scenario (finding backlinks in a folder containing thousands of markdown files) where this method fits perfectly and returns results instantaneously (even ripgrep takes a second or two to find all the backlinks as it doesn't use an index).
Unfortunately the text snippet showing the context that you get in explorer is not easily retrievable via Windows API. I made a suggestion [1] to the author and he seems open to implement it.
I use astrogrep for searching file contents on windows, it's pretty fast. Not nearly as fast as everything but I guess that's the nature of searching full contents. Just restrict by file type and filter out node modules and it's fast enough
For the latter, explorer top right search bar can do it surprisingly. As for a tool with an index, recoll comes to mind.