Why is useReducer's dispatch causing re-renders?

Suppose I implement a simple global loading state like this:

// hooks/useLoading.js
import React, { createContext, useContext, useReducer } from 'react';

const Context = createContext();

const { Provider } = Context;

const initialState = {
  isLoading: false,
};

function reducer(state, action) {
  switch (action.type) {
    case 'SET_LOADING_ON': {
      return {
        ...state,
        isLoading: true,
      };
    }
    case 'SET_LOADING_OFF': {
      return {
        ...state,
        isLoading: false,
      };
    }
  }
}

export const actionCreators = {
  setLoadingOn: () => ({
    type: 'SET_LOADING_ON',
  }),
  setLoadingOff: () => ({
    type: 'SET_LOADING_OFF',
  }),
};

export const LoadingProvider = ({ children }) => {
  const [{ isLoading }, dispatch] = useReducer(reducer, initialState);
  return <Provider value={{ isLoading, dispatch }}>{children}</Provider>;
};

export default () => useContext(Context);

Then suppose I have a component that mutates the loading state, but never consumes it, like this:

import React from 'react';
import useLoading, { actionCreators } from 'hooks/useLoading';

export default () => {
  const { dispatch } = useLoading();
  dispatch(actionCreators.setLoadingOn();
  doSomethingAsync().then(() => dispatch(actionCreators.setLoadingOff()))
  return <React.Fragment />;
};

According to useReducer docs, dispatch is has a stable identity. I interpreted this to mean that when a component extracts dispatch from a useReducer, it won't re-render when the state connected to that dispatch changes, because the reference to dispatch will always be the same. Basically, dispatch can "treated like a static value".

Yet when this code runs, the line dispatch(actionCreators.setLoadingOn()) triggers an update to global state and the useLoading hook is ran again and so is dispatch(actionCreators.setLoadingOn()) (infinite re-renders -_-)

Am I not understanding useReducer correctly? Or is there something else I'm doing that might be causing the infinite re-renders?