Redux uses context but does not do full re-renders except if you are using it wrong. It does a shallow compare on the object resulting from your selector to decide whether or not to re-render a component.

That being said, none of the React projects I've had the chance of working on in the last 5 or 6 years has used Redux, so stating that it's been the go-to state management library for nearly a decade kind of sounds weird to me.