There is no way to prevent a component that uses a portion of Context value from re-rendering, even if the used piece of data hasn’t changed, even with useMemo hook.

if the list is static, i.e. elements are not added/removed/inserted/re-ordered

If a parent component re-renders, it will trigger re-render of a child component regardless of its props.

There is also a big myth: that re-renders happen when the component’s props change. By itself, it’s not true (see the explanation below).