Without knowing more about what's in AppContext I can't comment on that. Having a single global state is kind of a bad idea, as I wrote in Deep Inside Views, State and Performance in SwiftUI.
You might also hunt down another one of my articles, Writing Testable Views in SwiftUI for some ideas. In fact, here's a link to most of my SwiftUI articles.
https://michaellong.medium.com/the-swiftui-series-abc180690a9d
Based on the above, I'm thinking about a future article on why most view models aren't needed in SwiftUI.
Stay tuned, and thanks for reading.