The popular opinion Redux is for large projects & Context API for small ones.
Both are excellent tools for their own specific niche, Redux is overkill just to pass data from parent to child & Context API truly shines in this case. When you have a lot of dynamic data Redux got your back!
The Context API could be used in place of Redux if you are just using it to prevent passing props down to deeply nested components, as it is designed specifically for this use case.
But there is no reason for you to stop using Redux if you already do ( centralizing your application's state, handling logic outside of components,predictable state container, using Redux DevTools to track when, where, why, and how your application's state changed, using plugins like Redux Form, Redux Saga, Redux Undo, Redux Persist, Redux Logger, etc.). None of these are accessible using the Context API.
react-redux) is built on the React Context API.... so between the two choices you present and ask about, React Context and React hooks are used regardless. The question is too broad and off-topic anyway. What "performance" are you wanting to consider one a winner over the other? Speed? Memory? Renders? Something else? This question needs quite a bit more focus.