Is there a way to check if the react component is unmounted?

Since isMounted() is being officially deprecated, you can do this in your component:

componentDidMount() { 
  this._ismounted = true;
}

componentWillUnmount() {
   this._ismounted = false;
}

This pattern of maintaining your own state variable is detailed in the ReactJS documentation: isMounted is an Antipattern.

I'll be recommended you to use the useRef hook for keeping track of component is mounted or not because whenever you update the state then react will re-render the whole component and also it will trigger the execution of useEffect or other hooks.

function MyComponent(props: Props) {
  const isMounted = useRef(false)

  useEffect(() => {
    isMounted.current = true;
    return () => { isMounted.current = false }
  }, []);

  return (...);
}

export default MyComponent;

and you check if the component is mounted with if (isMounted.current) ...