We have survived over 3 years with a massive application (over 2000 modules) and tons of wasteful re-rendering, but have only now started to notice any sluggishness. That makes React pretty fast in my mind.
Having said all that, we are experimenting with an 'all PureComponents' approach to potentially make React, but whether that turns out to be a good idea is yet to be seen (object comparisons in sCU are not free).
If the total re-render is occurring under 16.67ms (60fps) in a non-trivial use-case I'm usually fine leaving it as-is. Most render cycles taking longer than that involve operations on large data sets or events firing at the millisecond level (mouseover, drag, etc) - and those are worth fixing as they'll actually have noticeable impacts on the user experience. But I tend not to optimize just to pat myself on the back for "optimization".
Even if I agree that premature optimization is the root of all evils, I like when the language and the framework I use make it writing fast code as easy as writing slow code.
I wonder if anybody has evaluated, the improvement they get in development speed using React when they add the time they have to spend to optimizing their React code.
In my experience, I am not even frustrated with React itself most of the time but with the other things in the ecosystem.