PWA won't give you access to random device APIs that you didn't open up for a specific use before needing them, which e.g. cameras, payment systems, etc often need. All that still needs to be native, and that can be substantial in some cases.

If it does, say you made a generic shim, you're effectively downloading and executing dynamic code. Maybe not by a technical definition, but that's not the point of Apple's rule, nor will they care about technical arguments when they reject it. There are plenty of examples of this happening in practice, I'm not talking hypothetically - it's why they have a carve-out explicitly for education apps. Even if you don't do stuff like that, and stay entirely in the webview, PWAs (unless it's actually being run in the browser, of course) are not allowed to make significant changes without going back through review.

edit: you can absolutely shrink your binary size with a PWA or similar though, yeah. There will definitely be other tradeoffs you have to make though, I'm not deeply familiar with those. Performance and integration with native libraries at the very least (e.g. map rendering).