model.setValue() does not trigger HTML re-render. Is it a bug?

I'm refactoring some piece of some old code where I use DOM traversing to change field's values programmatically. It works, however, I would prefer to use more elegant techniques if possible. I got excited a little that ACF has a new JS API, so I wanted to use it. I found there's a model.setValue() method, but It doesn't do what I expected it to do. ACF models look similar to Backbone models so I assumed that a change on the model will trigger HTML re-render, but it is not happening.

Is it a bug? Do I need to do anything else in order to get HTML re-rendered after calling model.setValue()? Or maybe model.setValue() is not supposed to be used this way and I still have to use good, old DOM traversing and update the HTML on my own?

Start with the ACF JavaScript API entry point for model.setValue() and trace whether changing a model is expected to update the HTML. Compare that behavior with the DOM-traversal approach described in the issue; done means confirming the supported re-render workflow or documenting that callers must update the DOM themselves.