Hey, just to answer my own question (and also to clarify), this is not an Expo related issue at all.
I was able to fix my ‘issue’ by preventing redux-persist code to run on my app. I removed all persistStore and code wherever I had used it to ensure redux-persist does not initialise when I re-load the app.
Once I was able to solve my issue, I re-enabled my redux-persist code once again.
Hope this helps anybody else stuck in a similar situation.
Quick update: To add to my answer, I eventually also had to purge my persistor object (see docs here in redux-persist) to clear all my saved state in local, ie,
persistStore(store).purge(). Incredibly, this also fixed the lag I was getting while transitioning between screens on my TabNavigator/ StackNavigator.