fix: Fix #4221 (#4223)

fix #4221

Author: promer94

src/index/use-swr.ts

@@ -376,11 +376,13 @@ export const useSWRHandler = <Data = any, Error = any>(
     return isUndefined(data) || revalidateIfStale
   })()
 
+  const defaultValidatingState = isInitialMount && shouldDoInitialRevalidation
+
   const isValidating = isUndefined(cached.isValidating)
-    ? shouldDoInitialRevalidation
+    ? defaultValidatingState
     : cached.isValidating
   const isLoading = isUndefined(cached.isLoading)
-    ? shouldDoInitialRevalidation
+    ? defaultValidatingState
     : cached.isLoading
 
   // The revalidation function is a carefully crafted wrapper of the original

test/use-swr-local-mutation.test.tsx

@@ -791,6 +791,39 @@ describe('useSWR - local mutation', () => {
     screen.getByText('false')
   })
 
+  it('isLoading and isValidating should be false when revalidate is set to false', async () => {
+    const key = createKey()
+    function Page() {
+      const { data, isLoading, isValidating, mutate } = useSWR(
+        key,
+        () => 'data',
+        {
+          fallbackData: 'fallback',
+          revalidateOnMount: false,
+          revalidateOnFocus: false
+        }
+      )
+      return (
+        <div>
+          <p>data: {data}</p>
+          <p>isLoading: {isLoading.toString()}</p>
+          <p>isValidating: {isValidating.toString()}</p>
+          <button onClick={() => mutate('fallback1', { revalidate: false })}>
+            mutate
+          </button>
+        </div>
+      )
+    }
+    renderWithConfig(<Page />)
+    screen.getByText('data: fallback')
+    screen.getByText('isLoading: false')
+    screen.getByText('isValidating: false')
+    fireEvent.click(screen.getByText('mutate'))
+    await screen.findByText('data: fallback1')
+    screen.getByText('isLoading: false')
+    screen.getByText('isValidating: false')
+  })
+
   it('bound mutate should always use the latest key', async () => {
     const key = createKey()
     const fetcher = jest.fn(() => 'data')