The SPA SDK continuously reloads page in Channel Mgr

Versions 0.5.1 and 0.5.2 of the experience-react-sdk at [1] and any version of the experience-ng-sdk [2] make page component reload over and over again in the Channel Manager. This does not happen in version 0.4.4.

Using the default set up with XM 13.3, the example client side rendering React app and URL rewriter proxy rule.

Reproduction
The issue is reproducible in the enterprise edition without relevance enabled.
Just edit a banner component in the channel manager and change the banner document. No Save action is needed; the page starts to flicker right away, doing calls to
http://localhost:8080/site/_cmsinternal/resourceapi?_hn:type=component-rendering&_hn:ref=r8_r1_r1_r1
and
http://localhost:8080/cms/angular/hippo-cm/hippo-iframe.30b5b844738b80208692600724c7914a.css
over and over again.

Probable cause
In SDK code base, page.js calls cms.createOverlay:

  componentDidUpdate(prevProps, prevState)
    ...
    if (this.state.pageModel !== prevState.pageModel && this.cms) {
      this.cms.createOverlay();
    }
  }

If this snippet is removed, the flickering does not occur and other functions do seem to work. This was introduced in CMS-12083, seemingly to update components on change, but that does happen somehow already.

[1] https://github.com/bloomreach/experience-react-sdk
[2] https://github.com/bloomreach/experience-ng-sdk