I imagine that this reduces the iteration time for developing excel integrations. It's unfortunate that direct db queries aren't supported, but I guess that's a wasm/pyodide issue.
Direct db queries are indeed a restriction of Wasm/Pyodide, but there are more and more databases offering a HTTP layer. For example, Supabase has this built-in via PostgREST. For Oracle, there is Oracle REST Data Services (ORDS). Ultimately, you can also build your own little proxy server, although that's a little bit more work, but might still be worth it for company-internal use.
Alpine data objects can grow to be quite large, so you wind up inlining hundreds of lines of JS as strings within your HTML template, which often limits your editor's ability to do JS checks without additional config.
State management in Alpine is implicit and nested and not a serious solution for building commercial apps IMO.
And don't even get me started on unsafe-eval.
If it's your hobby app and you are the developer and the product owner, go for Alpine. If you're working at a company that is asking you to build a competitive web product in 2025, use a more robust tool. Hotwire and Stimulus has scaled much better from an organization standpoint in my experience.