useControlledEffect.js

const useControlledEffect = (callback, dependenciesArray) => {
  const controlRef = useRef(false);

  const stopFunc = () => {
    controlRef.current = true;
  };

  const wrappedCallback = (params = []) => {
    callback(stopFunc, controlRef.current, ...params);
  };

  useEffect.apply(
    this,
    dependenciesArray ? [wrappedCallback, dependenciesArray] : [wrappedCallback]
  );
};

//HOW TO USE:
useControlledEffect((stop, isStopped) => {
  // do some custom actions
  if (!isStopped) {
    // do some custom actions
    stop(); //calling this will change isStopped to true
  }
});