Rewrite `InitialIcon` computation without mutable variables

[ShatilKhan]

Description

I have tried to use a helper function getIconAndLoadingStatus to return necessary values without having to mutate any variables.The returned values are then destructured into initialIcon and isLoading, which are used to set the state.

Issues Resolved

Fixes #1167

Check List

• [ ] New functionality includes testing.
• [ ] New functionality has been documented.
• [ ] All tests pass
  • [ ] yarn lint
  • [ ] yarn test-unit
• [X] Update CHANGELOG.md
• [X] Commits are signed per the DCO using --signoff

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[ShatilKhan]

@BSFishy Can you let me know if this is the right approach?