VirtualizedLists should never be nested inside plain ScrollViews with the same orientation - use another VirtualizedList-backed container instead.

Here is a VirutalizedList -backed container implementation using FlatList:

import React from 'react';
import { FlatList } from 'react-native';

export default function VirtualizedView(props: any) {
  return (
    <FlatList
      data={[]}
      ListEmptyComponent={null}
      keyExtractor={() => "dummy"}
      renderItem={null}
      ListHeaderComponent={() => (
        <React.Fragment>{props.children}</React.Fragment>
      )}
    />
  );
}
Usage:

<VirtualizedView>
  <Text>Anything goes here</Text>
  <FlatList 
    data={data}
    keyExtractor={keyExtractor}
    renderItem={({item}) => <Item data={item} />}
    onRefresh={refetch}
    refreshing={loading}
    onEndReached={concatData}
  />
</VirtualizedView>

This will show scrollbar when you rotate your iPhone, and also remove warning message and performance will be saved without any problem.