Is Redux no longer needed?

Is Redux still a necessity in today's world of front-end development? With the rise of state management libraries like MobX, Vuex, and even the introduction of React's own Context API, has Redux's role been diminished? Or does Redux still offer unique benefits that make it a valuable tool for managing complex application state? Let's delve into the question and explore the pros and cons of Redux, as well as how it compares to these newer alternatives.