Refs as non-reactive props aren't dereferenced in v-if

Vue version

3.3.4

Link to minimal reproduction

<template>

       <div class="mt-4">
          <p>{{ continents.asia }}</p>
          <p>{{ continents.africa }}</p>
          <ul class="space-y-8">
            <li>
                <button @click="showList('asia')">Asia</button>
            </li>
            <li>
                <button @click="showList('africa')">Africa</button>
            </li>
            </ul>
       </div>
        <div>
        <AsiaCountries v-if="continents.asia" />
         <AfricaCountries v-if="continents.africa" />
        </div>

</template>

<script setup>
import { ref } from 'vue'
import AsiaCountries from './AsiaCountries.vue'
import AfricaCountries from './AfricaCountries.vue'

const continents = {
    asia: ref(false),
    africa: ref(false),
    europe: ref(false)
};

const showList = (listName) => {
    for (const key in continents) {
        if (key === listName) {
            continents[key].value = true;
        } else {
            continents[key].value = false;
        }
    }
};

</script>

Vue SFC Playground

Steps to reproduce

Click the buttons, the template is updated with appropriate boolean values, but v-if doesn't work as expected

What is expected?

v-if should dereference the refs and show/hide the child components accordingly

What is actually happening?

seems v-if doesn't dereference and treats the ref as truthy value

System Info

No response

Any additional comments?

I've encountered this in my code, and this is an example from a stackoverflow question where someone cannot understand why v-if doesn't work. If that's not a bug but expected behavior, could anyone point to the corresponding documentation paragraph? Anyway it looks not natural since in the other place in the template the refs are dereferenced OK.

vuejs / core