IMO this feels like Preact "render to string" with Express, though I might be oversimplifying things, and granted it wouldn't have all the niceties that React offers.
Feels like HTMX, feels like we've come full circle.
In my checklist (https://overreacted.io/jsx-over-the-wire/#dans-async-ui-fram...), that would satisfy only (2), (3) if it supports async/await in components, and (4). It would not satisfy (1) or (5) because then you'd have to hydrate the components on the client, which you wouldn't be able to do with Preact if they had server-only logic.
Feels like HTMX, feels like we've come full circle.