Redux Toolkit HMR in React Native does not update reducers

TL;DR: Configuring the Redux Toolkit store in React Native for HMR properly refreshes app on changes, but reducer behaviour does not change!

As seen in the React Native Reloading Announcement, HMR is supported for Redux within React Native, but the steps listed do not appear to work anymore. I have configured everything as mentioned in the announcement; however, the reducer reloading does not actually seem to change anything. When I edit a reducer, the app updates (reloading notification) but the reducer behaviour does not change!

// store/rootReducer.js
import { combineReducers } from "@reduxjs/toolkit";
import eventsReducer from "./slices/events";
import peopleReducer from "./slices/people";

const rootReducer = combineReducers({
  events: eventsReducer,
  people: peopleReducer,
});

export default rootReducer;

// store/index.js
import { configureStore } from "@reduxjs/toolkit";
import rootReducer from "./rootReducer";

const store = configureStore({
  reducer: rootReducer,
});

if (process.env.NODE_ENV === "development" && module.hot) {
  module.hot.accept(() => {
    const newRootReducer = require("./rootReducer").default;
    store.replaceReducer(newRootReducer);
  });
}

export default store;

// App.js
import React from "react";
import { Provider } from "react-redux";
import store from "./store";

const App = () => {
  return (
    <Provider store={store}>
      // ...ThemeProvider, Navigation scenes, etc
    </Provider>
  );
};

export default registerRootComponent(App);

Any ideas why this may be happening? I've been searching for related questions but cannot find anything from the recent past (ie. this year). Any older issues do not work either. My understanding is that I do not have to handle App HMR, as this is handled automatically by React Native. The announcement above makes it appear that adding HMR to Redux in React Native is super easy; however, it is has proven to not be the case.