Why does `res.text()` not work inside `useEffect()`?

import { useEffect } from "preact/hooks";
export default function Test(){ 
    fetch('https://example.com')
    .then(res => res.text())
    .then(d => console.log(d))
    
    useEffect(() => {        
        fetch('https://example.com')
        .then(res => res.text())
        .then(d => console.log(d))     
    })
    return 'hi'
}

fetch("https://jsonplaceholder.typicode.com/todos/1")
.then(res => res.json())
.then(d => console.log(d))