Should you access redux store in HOC component?

I'm working on one of my first React Native apps and I wanted to add loading HOC component which displays loading indicator on top of current screen whenever I'm waiting on server response. Loading status is stored in redux store and I update it respectively on each request (just before sending request changing to true and after request to false ).

here's what i got:

export const LoadingScreen = (WrappedScreen : React.ComponentType<any>) => {
   const LoadingWrapper = (props: any) => {
      const isLoading = useAppSelector(state => state.user.pendingLoggin)
      return (
         <>
            <WrappedScreen {...props}/>
            {isLoading && <View style={styles.loading}>
               <ActivityIndicator size='large' />
            </View>}
         </>
      )
   }
   return LoadingWrapper
}

This solution works fine but I have a question, can accessing store in such a component affect performance (rerendering whole wrapped component)?
Is there any better solution for such a case?