Similar to how "tail recursion can (usually) be lifted/lowered to a simple loop...", immutability from language statements can often be "collapsed" into mutating a single variable, and there may be one or two "dances" you need to do to either add helper functions, structure your code _slightly_ differently to get there, but it's similar to any kind of performance sensitive code.
Example foo(bar(baz(), bar_alt(baz_alt(), etc...))) [where function call nesting is "representing" an immutability graph] ...yeah, that'd have a lot of allocations and whatever.
But: foo().bar().bar_alt().baz().baz_alt().etc(...) you could imagine is always just stacking/mutating the same variable[s] "in place".
...don't get hung up on the syntax (it's wildly wrong), but imagine the concept. If all the functions "in the chain" are pure (no globals, no modifications), then they can be analyzed and reduced. Refer back to the "Why SSA?" article from a week or two ago: https://news.ycombinator.com/item?id=45674568 ...and you'll see how the logical lines of statements don't necessarily correspond to the physical movement of memory and registers.
> Having all the intermediate calculations still available is helpful in the debugger