If I use hooks that updates like useContext, would it make it NOT a candidate for React.memo()?

For obviously pure components like

function DefinitelyPure({label}:{label:string}) {
  return <View><Text>{label</Text></View>
}

I know I can safely make this memoized as

const DefinitelyPurefunction = React.memo(function ({label}:{label:string}) {
  return <View><Text>{label</Text></View>
});
DefinitelyPurefunction.displayName = "DefinitelyPurefunction";

However, what if I have something like

function DefinitelyPure({label}:{label:string}) {
  const theme = useTheme();
  return <View style={{backgroundColor: theme.primary.backgroundColor}}><Text>{label</Text></View>
}

where useTheme() can change when the user switches themes in the app. Would the memoized component know to rerender when the context changes? (I am thinking no)

I am only asking for useContext, since that one should trigger a rerender when the context changes and it’s on the top level, and not other hooks like useState