In fact, you could call JSX a "Dynamic Templating System" and that's a reasonable summary of what it is (in addition to other things of course).
There might be some ways that React itself could, internally, notice the special cases and special times where it _could_ be slightly more performant from using a lower level of templating, as an optimization, but I'd certainly prefer that to be abstracted away and buried deep inside React, rather than ever having to think about it myself, at the JSX layer.
Someone can let me know if React is already leveraging this for browsers that support it, I didn't research that.