React PayPal not updating setState value

Question

I have been trying to create buy premium option on my website. I was able to successfuly connect with PayPal API and make payments (I can go through the process and it return SUCCESS as status). However when I try to change setState of current user it does not work. I tried to console.log value of premium after setPremium(true) and it would say it's still false...

Here is my code:

import React, { useRef, useEffect, useState } from "react";
import { useHistory } from "react-router-dom";

export default function PayPal() {
  const paypal = useRef();
  const [email, setEmail] = useState("");
  const [password, setPassword] = useState("");
  const [name, setName] = useState("");
  const [phone, setPhone] = useState("");
  const [premium, setPremium] = useState();
  const history = useHistory();

  const info = localStorage.getItem("user-info");
  const data = JSON.parse(info);
  //   console.log(result.premium);

  const id = data._id;

  async function update() {
    let user = password
      ? {
          name,
          email,
          password,
          phone,
          premium,
        }
      : {
          name,
          email,
          phone,
          premium,
        };

    let result = await fetch(`http://localhost:1234/api/users/${id}`, {
      method: "PUT",
      body: JSON.stringify(user),
      headers: {
        "Content-Type": "application/json",
        Accept: "application/json",
      },
    });

    console.log(result);
    result = await result.json();

    if (result) {
      localStorage.removeItem("user-info");
      localStorage.setItem("user-info", JSON.stringify(result));
    }
    // history.push("/profile");
    // window.location.reload();
  }

  useEffect(() => {
    function getData() {
      setEmail(data.email);
      setName(data.name);
      setPhone(data.phone);
      setPremium(data.premium);
    }
    getData();

    window.paypal
      .Buttons({
        createOrder: (data, actions, err) => {
          return actions.order.create({
            intent: "CAPTURE",
            purchase_units: [
              {
                description: `Premium subscription pass`,
                amount: { currency_code: "PLN", value: 29.99 },
              },
            ],
          });
        },
        onApprove: async (data, actions) => {
          const order = await actions.order.capture();
          //   console.log(order);
          setPremium(true);
          //   console.log(premium);
          update();
          //   history.push(`/profile`);
          //   window.location.reload();
        },
        onError: err => {
          console.error(err);
        },
      })
      .render(paypal.current);
    (() => setPremium(true))();
  }, []);

  return (
    <div>
      <div ref={paypal}></div>
    </div>
  );
}

Here is also PUT method from my API:

router.put("/:id", async (req, res) => {
  const { error } = validateUser(req.body);
  if (error)
    //400 Bad request
    return res.status(400).send(error.details[0].message);

  let user = await User.findById(req.params.id);

  user.name = req.body.name;
  user.email = req.body.email;
  user.phone = req.body.phone;
  user.premium = req.body.premium;

  if (req.body.password) {
    const salt = await bcrypt.genSalt(10);
    user.password = await bcrypt.hash(req.body.password, salt);
  }
  user = await user.save();

  if (!user)
    return res.status(404).send(`User with the given ID was not found`);

  res.send(user);
});