Can useContext replace Redux?

Could you elaborate on the feasibility of using useContext as an alternative to Redux in managing state in React applications? Given that Redux provides a predictable state container for JavaScript apps, with features like centralized state, actions, and reducers, does useContext, with its ability to pass data through the component tree without having to manually pass props down, offer a viable substitute? Are there any significant drawbacks or limitations to using useContext in place of Redux, especially in larger or more complex applications?