Dedicated to the Hydrogen framework, headless commerce, and building custom storefronts using the Storefront API.
When I use Storefront API to get a variant from my development store --> there is a field named currentlyNotInStock and I see that its value is always false regardless of its settings in the store backend. While as you can see in your official API documentation --> The description for this boolean field is: "Whether a product is out of stock but still available for purchase (used for backorders)."
currentlyNotInStock evaluates to true when the inventory option "Continue selling when out of stock" is checked on a product variant and the quantity available is <= 0.