[compiler] rebase #32285 (#34102)

Redo of #32285 which was created with ghstack and is tedious to rebase
with sapling.

DiffTrain build for [d3b26b2953c7e780abaa49f422c53fd4cda08e47](https://github.com/facebook/react/commit/d3b26b2953c7e780abaa49f422c53fd4cda08e47)