diff --git a/packages/react-native/Libraries/Inspector/ElementProperties.js b/packages/react-native/Libraries/Inspector/ElementProperties.js
index b9c7c159744..5756d236dbb 100644
--- a/packages/react-native/Libraries/Inspector/ElementProperties.js
+++ b/packages/react-native/Libraries/Inspector/ElementProperties.js
@@ -10,7 +10,9 @@
 
 'use strict';
 
+import type {InspectorData} from '../Renderer/shims/ReactNativeTypes';
 import type {ViewStyleProp} from '../StyleSheet/StyleSheet';
+import type {InspectedElementSource} from './Inspector';
 
 const TouchableHighlight = require('../Components/Touchable/TouchableHighlight');
 const TouchableWithoutFeedback = require('../Components/Touchable/TouchableWithoutFeedback');
@@ -25,13 +27,9 @@ const StyleInspector = require('./StyleInspector');
 const React = require('react');
 
 type Props = $ReadOnly<{|
-  hierarchy: Array<{|name: string|}>,
+  hierarchy: ?InspectorData['hierarchy'],
   style?: ?ViewStyleProp,
-  source?: ?{
-    fileName?: string,
-    lineNumber?: number,
-    ...
-  },
+  source?: ?InspectedElementSource,
   frame?: ?Object,
   selection?: ?number,
   setSelection?: number => mixed,
@@ -63,23 +61,29 @@ class ElementProperties extends React.Component<Props> {
       <TouchableWithoutFeedback>
         <View style={styles.info}>
           <View style={styles.breadcrumb}>
-            {mapWithSeparator(
-              this.props.hierarchy,
-              (hierarchyItem, i): React.MixedElement => (
-                <TouchableHighlight
-                  key={'item-' + i}
-                  style={[styles.breadItem, i === selection && styles.selected]}
-                  // $FlowFixMe[not-a-function] found when converting React.createClass to ES6
-                  onPress={() => this.props.setSelection(i)}>
-                  <Text style={styles.breadItemText}>{hierarchyItem.name}</Text>
-                </TouchableHighlight>
-              ),
-              (i): React.MixedElement => (
-                <Text key={'sep-' + i} style={styles.breadSep}>
-                  &#9656;
-                </Text>
-              ),
-            )}
+            {this.props.hierarchy != null &&
+              mapWithSeparator(
+                this.props.hierarchy,
+                (hierarchyItem, i): React.MixedElement => (
+                  <TouchableHighlight
+                    key={'item-' + i}
+                    style={[
+                      styles.breadItem,
+                      i === selection && styles.selected,
+                    ]}
+                    // $FlowFixMe[not-a-function] found when converting React.createClass to ES6
+                    onPress={() => this.props.setSelection(i)}>
+                    <Text style={styles.breadItemText}>
+                      {hierarchyItem.name}
+                    </Text>
+                  </TouchableHighlight>
+                ),
+                (i): React.MixedElement => (
+                  <Text key={'sep-' + i} style={styles.breadSep}>
+                    &#9656;
+                  </Text>
+                ),
+              )}
           </View>
           <View style={styles.row}>
             <View style={styles.col}>
diff --git a/packages/react-native/Libraries/Inspector/Inspector.js b/packages/react-native/Libraries/Inspector/Inspector.js
index d6f3da192cd..f22c5457756 100644
--- a/packages/react-native/Libraries/Inspector/Inspector.js
+++ b/packages/react-native/Libraries/Inspector/Inspector.js
@@ -10,7 +10,11 @@
 
 'use strict';
 
-import type {TouchedViewDataAtPoint} from '../Renderer/shims/ReactNativeTypes';
+import type {
+  InspectorData,
+  TouchedViewDataAtPoint,
+} from '../Renderer/shims/ReactNativeTypes';
+import type {ViewStyleProp} from '../StyleSheet/StyleSheet';
 import type {ReactDevToolsAgent} from '../Types/ReactDevToolsTypes';
 import type {HostRef} from './getInspectorDataForViewAtPoint';
 
@@ -25,71 +29,68 @@ const InspectorOverlay = require('./InspectorOverlay');
 const InspectorPanel = require('./InspectorPanel');
 const React = require('react');
 
+const {useState} = React;
+
+type PanelPosition = 'top' | 'bottom';
+type SelectedTab =
+  | 'elements-inspector'
+  | 'network-profiling'
+  | 'performance-profiling';
+
+export type InspectedElementFrame = TouchedViewDataAtPoint['frame'];
+export type InspectedElementSource = InspectorData['source'];
+export type InspectedElement = $ReadOnly<{
+  frame: InspectedElementFrame,
+  source?: InspectedElementSource,
+  style?: ViewStyleProp,
+}>;
+export type ElementsHierarchy = InspectorData['hierarchy'];
+
 type Props = {
   inspectedView: ?HostRef,
   onRequestRerenderApp: () => void,
   reactDevToolsAgent?: ReactDevToolsAgent,
 };
 
-class Inspector extends React.Component<
-  Props,
-  {
-    hierarchy: any,
-    panelPos: string,
-    inspecting: boolean,
-    selection: ?number,
-    perfing: boolean,
-    inspected: any,
-    inspectedView: ?HostRef,
-    networking: boolean,
-    ...
-  },
-> {
-  _setTouchedViewData: ?(TouchedViewDataAtPoint) => void;
+function Inspector({
+  inspectedView,
+  onRequestRerenderApp,
+  reactDevToolsAgent,
+}: Props): React.Node {
+  const [selectedTab, setSelectedTab] =
+    useState<?SelectedTab>('elements-inspector');
 
-  constructor(props: Props) {
-    super(props);
+  const [panelPosition, setPanelPosition] = useState<PanelPosition>('bottom');
+  const [inspectedElement, setInspectedElement] =
+    useState<?InspectedElement>(null);
+  const [selectionIndex, setSelectionIndex] = useState<?number>(null);
+  const [elementsHierarchy, setElementsHierarchy] =
+    useState<?ElementsHierarchy>(null);
 
-    this.state = {
-      hierarchy: null,
-      panelPos: 'bottom',
-      inspecting: true,
-      perfing: false,
-      inspected: null,
-      selection: null,
-      inspectedView: this.props.inspectedView,
-      networking: false,
-    };
-  }
+  const setSelection = (i: number) => {
+    const hierarchyItem = elementsHierarchy?.[i];
+    if (hierarchyItem == null) {
+      return;
+    }
 
-  componentWillUnmount() {
-    this._setTouchedViewData = null;
-  }
-
-  UNSAFE_componentWillReceiveProps(newProps: Props) {
-    this.setState({inspectedView: newProps.inspectedView});
-  }
-
-  setSelection(i: number) {
-    const hierarchyItem = this.state.hierarchy[i];
-    // we pass in findNodeHandle as the method is injected
+    // We pass in findNodeHandle as the method is injected
     const {measure, props, source} =
       hierarchyItem.getInspectorData(findNodeHandle);
 
     measure((x, y, width, height, left, top) => {
-      this.setState({
-        inspected: {
-          frame: {left, top, width, height},
-          style: props.style,
-          source,
-        },
-        selection: i,
+      // $FlowFixMe[incompatible-call] `props` from InspectorData are defined as <string, string> dictionary, which is incompatible with ViewStyleProp
+      setInspectedElement({
+        frame: {left, top, width, height},
+        source,
+        style: props.style,
       });
-    });
-  }
 
-  onTouchPoint(locationX: number, locationY: number) {
-    this._setTouchedViewData = viewData => {
+      setSelectionIndex(i);
+    });
+  };
+
+  const onTouchPoint = (locationX: number, locationY: number) => {
+    const setTouchedViewData = (viewData: TouchedViewDataAtPoint) => {
       const {
         hierarchy,
         props,
@@ -104,109 +105,90 @@ class Inspector extends React.Component<
       // Sync the touched view with React DevTools.
       // Note: This is Paper only. To support Fabric,
       // DevTools needs to be updated to not rely on view tags.
-      const agent = this.props.reactDevToolsAgent;
-      if (agent) {
-        agent.selectNode(findNodeHandle(touchedViewTag));
+      if (reactDevToolsAgent) {
+        reactDevToolsAgent.selectNode(findNodeHandle(touchedViewTag));
         if (closestInstance != null) {
-          agent.selectNode(closestInstance);
+          reactDevToolsAgent.selectNode(closestInstance);
         }
       }
 
-      this.setState({
-        panelPos:
-          pointerY > Dimensions.get('window').height / 2 ? 'top' : 'bottom',
-        selection: selectedIndex,
-        hierarchy,
-        inspected: {
-          style: props.style,
-          frame,
-          source,
-        },
+      setPanelPosition(
+        pointerY > Dimensions.get('window').height / 2 ? 'top' : 'bottom',
+      );
+      setSelectionIndex(selectedIndex);
+      setElementsHierarchy(hierarchy);
+      // $FlowFixMe[incompatible-call] `props` from InspectorData are defined as <string, string> dictionary, which is incompatible with ViewStyleProp
+      setInspectedElement({
+        frame,
+        source,
+        style: props.style,
       });
     };
+
     getInspectorDataForViewAtPoint(
-      this.state.inspectedView,
+      inspectedView,
       locationX,
       locationY,
       viewData => {
-        if (this._setTouchedViewData != null) {
-          this._setTouchedViewData(viewData);
-          this._setTouchedViewData = null;
-        }
+        setTouchedViewData(viewData);
         return false;
       },
     );
-  }
+  };
 
-  setPerfing(val: boolean) {
-    this.setState({
-      perfing: val,
-      inspecting: false,
-      inspected: null,
-      networking: false,
-    });
-  }
+  const setInspecting = (enabled: boolean) => {
+    setSelectedTab(enabled ? 'elements-inspector' : null);
+    setInspectedElement(null);
+  };
 
-  setInspecting(val: boolean) {
-    this.setState({
-      inspecting: val,
-      inspected: null,
-    });
-  }
+  const setPerfing = (enabled: boolean) => {
+    setSelectedTab(enabled ? 'performance-profiling' : null);
+    setInspectedElement(null);
+  };
 
-  setTouchTargeting(val: boolean) {
+  const setNetworking = (enabled: boolean) => {
+    setSelectedTab(enabled ? 'network-profiling' : null);
+    setInspectedElement(null);
+  };
+
+  const setTouchTargeting = (val: boolean) => {
     PressabilityDebug.setEnabled(val);
-    this.props.onRequestRerenderApp();
-  }
+    onRequestRerenderApp();
+  };
 
-  setNetworking(val: boolean) {
-    this.setState({
-      networking: val,
-      perfing: false,
-      inspecting: false,
-      inspected: null,
-    });
-  }
+  const panelContainerStyle =
+    panelPosition === 'bottom'
+      ? {bottom: 0}
+      : Platform.select({ios: {top: 0}, default: {top: 0}});
 
-  render(): React.Node {
-    const panelContainerStyle =
-      this.state.panelPos === 'bottom'
-        ? {bottom: 0}
-        : {top: Platform.OS === 'ios' ? 20 : 0};
-    return (
-      <View style={styles.container} pointerEvents="box-none">
-        {this.state.inspecting && (
-          <InspectorOverlay
-            inspected={this.state.inspected}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            onTouchPoint={this.onTouchPoint.bind(this)}
-          />
-        )}
-        <View style={[styles.panelContainer, panelContainerStyle]}>
-          <InspectorPanel
-            devtoolsIsOpen={!!this.props.reactDevToolsAgent}
-            inspecting={this.state.inspecting}
-            perfing={this.state.perfing}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            setPerfing={this.setPerfing.bind(this)}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            setInspecting={this.setInspecting.bind(this)}
-            inspected={this.state.inspected}
-            hierarchy={this.state.hierarchy}
-            selection={this.state.selection}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            setSelection={this.setSelection.bind(this)}
-            touchTargeting={PressabilityDebug.isEnabled()}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            setTouchTargeting={this.setTouchTargeting.bind(this)}
-            networking={this.state.networking}
-            // $FlowFixMe[method-unbinding] added when improving typing for this parameters
-            setNetworking={this.setNetworking.bind(this)}
-          />
-        </View>
+  return (
+    <View style={styles.container} pointerEvents="box-none">
+      {selectedTab === 'elements-inspector' && (
+        <InspectorOverlay
+          inspected={inspectedElement}
+          onTouchPoint={onTouchPoint}
+        />
+      )}
+
+      <View style={[styles.panelContainer, panelContainerStyle]}>
+        <InspectorPanel
+          devtoolsIsOpen={!!reactDevToolsAgent}
+          inspecting={selectedTab === 'elements-inspector'}
+          perfing={selectedTab === 'performance-profiling'}
+          setPerfing={setPerfing}
+          setInspecting={setInspecting}
+          inspected={inspectedElement}
+          hierarchy={elementsHierarchy}
+          selection={selectionIndex}
+          setSelection={setSelection}
+          touchTargeting={PressabilityDebug.isEnabled()}
+          setTouchTargeting={setTouchTargeting}
+          networking={selectedTab === 'network-profiling'}
+          setNetworking={setNetworking}
+        />
       </View>
-    );
-  }
+    </View>
+  );
 }
 
 const styles = StyleSheet.create({
diff --git a/packages/react-native/Libraries/Inspector/InspectorOverlay.js b/packages/react-native/Libraries/Inspector/InspectorOverlay.js
index c8973baea39..c73a04f23ea 100644
--- a/packages/react-native/Libraries/Inspector/InspectorOverlay.js
+++ b/packages/react-native/Libraries/Inspector/InspectorOverlay.js
@@ -10,8 +10,8 @@
 
 'use strict';
 
-import type {ViewStyleProp} from '../StyleSheet/StyleSheet';
 import type {PressEvent} from '../Types/CoreEventTypes';
+import type {InspectedElement} from './Inspector';
 
 const View = require('../Components/View/View');
 const StyleSheet = require('../StyleSheet/StyleSheet');
@@ -19,13 +19,8 @@ const Dimensions = require('../Utilities/Dimensions').default;
 const ElementBox = require('./ElementBox');
 const React = require('react');
 
-type Inspected = $ReadOnly<{|
-  frame?: Object,
-  style?: ViewStyleProp,
-|}>;
-
 type Props = $ReadOnly<{|
-  inspected?: Inspected,
+  inspected?: ?InspectedElement,
   onTouchPoint: (locationX: number, locationY: number) => void,
 |}>;
 
diff --git a/packages/react-native/Libraries/Inspector/InspectorPanel.js b/packages/react-native/Libraries/Inspector/InspectorPanel.js
index 6f40146db8a..d36c52089b9 100644
--- a/packages/react-native/Libraries/Inspector/InspectorPanel.js
+++ b/packages/react-native/Libraries/Inspector/InspectorPanel.js
@@ -10,7 +10,7 @@
 
 'use strict';
 
-import type {ViewStyleProp} from '../StyleSheet/StyleSheet';
+import type {ElementsHierarchy, InspectedElement} from './Inspector';
 
 import SafeAreaView from '../Components/SafeAreaView/SafeAreaView';
 
@@ -34,22 +34,10 @@ type Props = $ReadOnly<{|
   setTouchTargeting: (val: boolean) => void,
   networking: boolean,
   setNetworking: (val: boolean) => void,
-  hierarchy?: ?Array<{|name: string|}>,
+  hierarchy?: ?ElementsHierarchy,
   selection?: ?number,
   setSelection: number => mixed,
-  inspected?: ?$ReadOnly<{|
-    style?: ?ViewStyleProp,
-    frame?: ?$ReadOnly<{|
-      top?: ?number,
-      left?: ?number,
-      width?: ?number,
-      height: ?number,
-    |}>,
-    source?: ?{|
-      fileName?: string,
-      lineNumber?: number,
-    |},
-  |}>,
+  inspected?: ?InspectedElement,
 |}>;
 
 class InspectorPanel extends React.Component<Props> {
@@ -71,7 +59,6 @@ class InspectorPanel extends React.Component<Props> {
             style={this.props.inspected.style}
             frame={this.props.inspected.frame}
             source={this.props.inspected.source}
-            // $FlowFixMe[incompatible-type] : Hierarchy should be non-nullable
             hierarchy={this.props.hierarchy}
             selection={this.props.selection}
             setSelection={this.props.setSelection}
diff --git a/packages/react-native/Libraries/Inspector/ReactDevToolsOverlay.js b/packages/react-native/Libraries/Inspector/ReactDevToolsOverlay.js
index 727b9deadb6..04959ca766e 100644
--- a/packages/react-native/Libraries/Inspector/ReactDevToolsOverlay.js
+++ b/packages/react-native/Libraries/Inspector/ReactDevToolsOverlay.js
@@ -15,6 +15,7 @@ import type {
   ReactDevToolsAgent,
 } from '../Types/ReactDevToolsTypes';
 import type {HostRef} from './getInspectorDataForViewAtPoint';
+import type {InspectedElement} from './Inspector';
 
 import View from '../Components/View/View';
 import ReactNativeFeatureFlags from '../ReactNative/ReactNativeFeatureFlags';
@@ -37,9 +38,7 @@ export default function ReactDevToolsOverlay({
   inspectedView,
   reactDevToolsAgent,
 }: Props): React.Node {
-  const [inspected, setInspected] = useState<null | {
-    frame: {+height: any, +left: any, +top: any, +width: any},
-  }>(null);
+  const [inspected, setInspected] = useState<?InspectedElement>(null);
   const [isInspecting, setIsInspecting] = useState(false);
 
   useEffect(() => {