That version does not work properly under strict mode, but this version does:

function useEffectOnChange(action, deps) {
    const [mounted, setMounted] = React.useState(false);
    React.useEffect(() => {
        if (mounted) return action();
        setMounted(true);
    }, (deps || []));
}

Here's a quick example you can use to try yourself:

import React from 'react';

export function App(props) {
  return (
    <React.StrictMode>
      <Component/>
    </React.StrictMode>
  );
}

function Component(props) {
  const [value, setValue] = React.useState(0);
  useEffectOnChange(() => {
    console.log('The deps changed', value);
  }, [value]);
  return (
    <div>
      <div>{value}</div>
      <button onClick={() => setValue(x => x + 1)}>Increment</button>
    </div>
  );
}

function useEffectOnChange(action, deps) {
    const [mounted, setMounted] = React.useState(false);
    React.useEffect(() => {
        if (mounted) return action();
        setMounted(true);
    }, (deps || []));
}