1. HMR is quite broken for new React releases. Check out number of issues in it https://github.com/gaearon/react-hot-loader/issues and this The end of React-Hot-Loader gaearon/react-hot-loader#1024
2. This library is not evolving. It's not supporting forwardRef, hooks, lazy.
3. It's wrapping every component in react-proxy, which complicates debugging and also not compatable with class-based components without transpilation to functions.
4. Takes lots of time to make it work with redux-based applications

So I suggest to remove it from metro.