Use of Local Storage in component handlers and data binding is not working

I’m seeing that using Local Storage data in component handlers and data binding doesn’t work. Below is the Content Logic handler for a Text component. When I set a string in key1, it displays the first time, but if I update the string for key1, the handler doesn’t update the Text component content. Is Local Storage not supported in data binding?

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Local storage is nothing but a storage - a mechanism where you can write/read data. It is not a data model and thus is unrelated to data binding.

The data binding which is a mechanism that ties a UI component property with the UI component data model. The data model here is an object associated with the UI component.

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