If you don't have fragments (in particular, if you have a single call to an swr hook at the root), then you have implicit deduplication. But then you run into the issue of it being unclear whether you can remove a given field when a subcomponent stops using it — you have to check whether any other subcomponent happens to use that.

And if you have many separate queries, you're architecting in waterfalls. But you have clarity about who uses which field.