diff --git a/.changeset/hot-buses-end.md b/.changeset/hot-buses-end.md
new file mode 100644
index 0000000000..dd5a28fca8
--- /dev/null
+++ b/.changeset/hot-buses-end.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+feat: add parent hierarchy to `__svelte_meta` objects
diff --git a/.changeset/short-fireants-flow.md b/.changeset/short-fireants-flow.md
deleted file mode 100644
index b9955ff577..0000000000
--- a/.changeset/short-fireants-flow.md
+++ /dev/null
@@ -1,5 +0,0 @@
----
-'svelte': minor
----
-
-feat: add `getAbortSignal()`
diff --git a/packages/svelte/CHANGELOG.md b/packages/svelte/CHANGELOG.md
index ef64091ca3..7589eda728 100644
--- a/packages/svelte/CHANGELOG.md
+++ b/packages/svelte/CHANGELOG.md
@@ -1,5 +1,15 @@
 # svelte
 
+## 5.35.0
+
+### Minor Changes
+
+- feat: add `getAbortSignal()` ([#16266](https://github.com/sveltejs/svelte/pull/16266))
+
+### Patch Changes
+
+- chore: simplify props ([#16270](https://github.com/sveltejs/svelte/pull/16270))
+
 ## 5.34.9
 
 ### Patch Changes
diff --git a/packages/svelte/package.json b/packages/svelte/package.json
index 7d4f7e241a..3c319ca1ea 100644
--- a/packages/svelte/package.json
+++ b/packages/svelte/package.json
@@ -2,7 +2,7 @@
   "name": "svelte",
   "description": "Cybernetically enhanced web apps",
   "license": "MIT",
-  "version": "5.34.9",
+  "version": "5.35.0",
   "type": "module",
   "types": "./types/index.d.ts",
   "engines": {
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitBlock.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitBlock.js
index 7873cf3ddb..c550c8e17b 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitBlock.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/AwaitBlock.js
@@ -5,7 +5,7 @@ import { extract_identifiers } from '../../../../utils/ast.js';
 import * as b from '#compiler/builders';
 import { create_derived } from '../utils.js';
 import { get_value } from './shared/declarations.js';
-import { build_expression } from './shared/utils.js';
+import { build_expression, add_svelte_meta } from './shared/utils.js';
 
 /**
  * @param {AST.AwaitBlock} node
@@ -54,7 +54,7 @@ export function AwaitBlock(node, context) {
 	}
 
 	context.state.init.push(
-		b.stmt(
+		add_svelte_meta(
 			b.call(
 				'$.await',
 				context.state.node,
@@ -64,7 +64,9 @@ export function AwaitBlock(node, context) {
 					: b.null,
 				then_block,
 				catch_block
-			)
+			),
+			node,
+			'await'
 		)
 	);
 }
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/EachBlock.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/EachBlock.js
index d61d9f6ede..789465ac16 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/EachBlock.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/EachBlock.js
@@ -13,7 +13,7 @@ import { dev } from '../../../../state.js';
 import { extract_paths, object } from '../../../../utils/ast.js';
 import * as b from '#compiler/builders';
 import { get_value } from './shared/declarations.js';
-import { build_expression } from './shared/utils.js';
+import { build_expression, add_svelte_meta } from './shared/utils.js';
 
 /**
  * @param {AST.EachBlock} node
@@ -335,7 +335,7 @@ export function EachBlock(node, context) {
 	}
 
 	if (has_await) {
-		const statements = [b.stmt(b.call('$.each', ...args))];
+		const statements = [add_svelte_meta(b.call('$.each', ...args), node, 'each')];
 		if (dev && node.metadata.keyed) {
 			statements.unshift(
 				b.stmt(
@@ -363,7 +363,7 @@ export function EachBlock(node, context) {
 				b.stmt(b.call('$.validate_each_keys', b.thunk(collection), key_function))
 			);
 		}
-		context.state.init.push(b.stmt(b.call('$.each', ...args)));
+		context.state.init.push(add_svelte_meta(b.call('$.each', ...args), node, 'each'));
 	}
 }
 
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/IfBlock.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/IfBlock.js
index f31369a555..3dd36b180b 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/IfBlock.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/IfBlock.js
@@ -2,7 +2,7 @@
 /** @import { AST } from '#compiler' */
 /** @import { ComponentContext } from '../types' */
 import * as b from '#compiler/builders';
-import { build_expression } from './shared/utils.js';
+import { build_expression, add_svelte_meta } from './shared/utils.js';
 
 /**
  * @param {AST.IfBlock} node
@@ -69,7 +69,7 @@ export function IfBlock(node, context) {
 		args.push(b.true);
 	}
 
-	statements.push(b.stmt(b.call('$.if', ...args)));
+	statements.push(add_svelte_meta(b.call('$.if', ...args), node, 'if'));
 
 	if (has_await) {
 		context.state.init.push(
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/KeyBlock.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/KeyBlock.js
index f211f64d7c..52850090e3 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/KeyBlock.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/KeyBlock.js
@@ -2,7 +2,7 @@
 /** @import { AST } from '#compiler' */
 /** @import { ComponentContext } from '../types' */
 import * as b from '#compiler/builders';
-import { build_expression } from './shared/utils.js';
+import { build_expression, add_svelte_meta } from './shared/utils.js';
 
 /**
  * @param {AST.KeyBlock} node
@@ -17,16 +17,22 @@ export function KeyBlock(node, context) {
 	const key = b.thunk(has_await ? b.call('$.get', b.id('$$key')) : expression);
 	const body = /** @type {Expression} */ (context.visit(node.fragment));
 
-	let call = b.call('$.key', context.state.node, key, b.arrow([b.id('$$anchor')], body));
+	let statement = add_svelte_meta(
+		b.call('$.key', context.state.node, key, b.arrow([b.id('$$anchor')], body)),
+		node,
+		'key'
+	);
 
 	if (has_await) {
-		call = b.call(
-			'$.async',
-			context.state.node,
-			b.array([b.thunk(expression, true)]),
-			b.arrow([context.state.node, b.id('$$key')], b.block([b.stmt(call)]))
+		statement = b.stmt(
+			b.call(
+				'$.async',
+				context.state.node,
+				b.array([b.thunk(expression, true)]),
+				b.arrow([context.state.node, b.id('$$key')], b.block([statement]))
+			)
 		);
 	}
 
-	context.state.init.push(b.stmt(call));
+	context.state.init.push(statement);
 }
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
index 1f5a276e04..b7a6e65557 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/RenderTag.js
@@ -3,7 +3,7 @@
 /** @import { ComponentContext } from '../types' */
 import { unwrap_optional } from '../../../../utils/ast.js';
 import * as b from '#compiler/builders';
-import { build_expression, Memoizer } from './shared/utils.js';
+import { add_svelte_meta, build_expression, Memoizer } from './shared/utils.js';
 
 /**
  * @param {AST.RenderTag} node
@@ -50,16 +50,22 @@ export function RenderTag(node, context) {
 		}
 
 		statements.push(
-			b.stmt(b.call('$.snippet', context.state.node, b.thunk(snippet_function), ...args))
+			add_svelte_meta(
+				b.call('$.snippet', context.state.node, b.thunk(snippet_function), ...args),
+				node,
+				'render'
+			)
 		);
 	} else {
 		statements.push(
-			b.stmt(
+			add_svelte_meta(
 				(node.expression.type === 'CallExpression' ? b.call : b.maybe_call)(
 					snippet_function,
 					context.state.node,
 					...args
-				)
+				),
+				node,
+				'render'
 			)
 		);
 	}
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
index b8658162fc..7feeebdbbc 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
@@ -4,7 +4,7 @@
 import { dev, is_ignored } from '../../../../../state.js';
 import { get_attribute_chunks, object } from '../../../../../utils/ast.js';
 import * as b from '#compiler/builders';
-import { build_bind_this, Memoizer, validate_binding } from '../shared/utils.js';
+import { add_svelte_meta, build_bind_this, Memoizer, validate_binding } from '../shared/utils.js';
 import { build_attribute_value } from '../shared/element.js';
 import { build_event_handler } from './events.js';
 import { determine_slot } from '../../../../../utils/slot.js';
@@ -490,7 +490,8 @@ export function build_component(node, component_name, context) {
 		);
 	} else {
 		context.state.template.push_comment();
-		statements.push(b.stmt(fn(anchor)));
+
+		statements.push(add_svelte_meta(fn(anchor), node, 'component', { componentTag: node.name }));
 	}
 
 	memoizer.apply();
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
index 4171204708..c87123c72d 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/utils.js
@@ -1,4 +1,4 @@
-/** @import { AssignmentExpression, Expression, Identifier, MemberExpression, SequenceExpression, Literal, Super, UpdateExpression } from 'estree' */
+/** @import { AssignmentExpression, Expression, Identifier, MemberExpression, SequenceExpression, Literal, Super, UpdateExpression, ExpressionStatement } from 'estree' */
 /** @import { AST, ExpressionMetadata } from '#compiler' */
 /** @import { ComponentClientTransformState, ComponentContext, Context } from '../../types' */
 import { walk } from 'zimmerframe';
@@ -7,7 +7,7 @@ import * as b from '#compiler/builders';
 import { sanitize_template_string } from '../../../../../utils/sanitize_template_string.js';
 import { regex_is_valid_identifier } from '../../../../patterns.js';
 import is_reference from 'is-reference';
-import { dev, is_ignored, locator } from '../../../../../state.js';
+import { dev, is_ignored, locator, component_name } from '../../../../../state.js';
 import { build_getter } from '../../utils.js';
 
 export class Memoizer {
@@ -427,3 +427,34 @@ export function build_expression(context, expression, metadata, state = context.
 
 	return sequence;
 }
+
+/**
+ * Wraps a statement/expression with dev stack tracking in dev mode
+ * @param {Expression} expression - The function call to wrap (e.g., $.if, $.each, etc.)
+ * @param {{ start?: number }} node - AST node for location info
+ * @param {'component' | 'if' | 'each' | 'await' | 'key' | 'render'} type - Type of block/component
+ * @param {Record<string, number | string>} [additional] - Any additional properties to add to the dev stack entry
+ * @returns {ExpressionStatement} - Statement with or without dev stack wrapping
+ */
+export function add_svelte_meta(expression, node, type, additional) {
+	if (!dev) {
+		return b.stmt(expression);
+	}
+
+	const location = node.start !== undefined && locator(node.start);
+	if (!location) {
+		return b.stmt(expression);
+	}
+
+	return b.stmt(
+		b.call(
+			'$.add_svelte_meta',
+			b.arrow([], expression),
+			b.literal(type),
+			b.id(component_name),
+			b.literal(location.line),
+			b.literal(location.column),
+			additional && b.object(Object.entries(additional).map(([k, v]) => b.init(k, b.literal(v))))
+		)
+	);
+}
diff --git a/packages/svelte/src/compiler/state.js b/packages/svelte/src/compiler/state.js
index 9095651ced..5eb25dd6bb 100644
--- a/packages/svelte/src/compiler/state.js
+++ b/packages/svelte/src/compiler/state.js
@@ -16,6 +16,9 @@ export let warnings = [];
  */
 export let filename;
 
+/**
+ * The name of the component that is used in the `export default function ...` statement.
+ */
 export let component_name = '<unknown>';
 
 /**
diff --git a/packages/svelte/src/internal/client/context.js b/packages/svelte/src/internal/client/context.js
index f326f3a0b7..bbfba20f75 100644
--- a/packages/svelte/src/internal/client/context.js
+++ b/packages/svelte/src/internal/client/context.js
@@ -1,4 +1,4 @@
-/** @import { ComponentContext } from '#client' */
+/** @import { ComponentContext, DevStackEntry } from '#client' */
 
 import { DEV } from 'esm-env';
 import { lifecycle_outside_component } from '../shared/errors.js';
@@ -12,6 +12,7 @@ import {
 } from './runtime.js';
 import { effect, teardown } from './reactivity/effects.js';
 import { async_mode_flag, legacy_mode_flag } from '../flags/index.js';
+import { FILENAME } from '../../constants.js';
 
 /** @type {ComponentContext | null} */
 export let component_context = null;
@@ -21,6 +22,43 @@ export function set_component_context(context) {
 	component_context = context;
 }
 
+/** @type {DevStackEntry | null} */
+export let dev_stack = null;
+
+/** @param {DevStackEntry | null} stack */
+export function set_dev_stack(stack) {
+	dev_stack = stack;
+}
+
+/**
+ * Execute a callback with a new dev stack entry
+ * @param {() => any} callback - Function to execute
+ * @param {DevStackEntry['type']} type - Type of block/component
+ * @param {any} component - Component function
+ * @param {number} line - Line number
+ * @param {number} column - Column number
+ * @param {Record<string, any>} [additional] - Any additional properties to add to the dev stack entry
+ * @returns {any}
+ */
+export function add_svelte_meta(callback, type, component, line, column, additional) {
+	const parent = dev_stack;
+
+	dev_stack = {
+		type,
+		file: component[FILENAME],
+		line,
+		column,
+		parent,
+		...additional
+	};
+
+	try {
+		return callback();
+	} finally {
+		dev_stack = parent;
+	}
+}
+
 /**
  * The current component function. Different from current component context:
  * ```html
diff --git a/packages/svelte/src/internal/client/dev/elements.js b/packages/svelte/src/internal/client/dev/elements.js
index f70f893d1e..8dd54e0a2a 100644
--- a/packages/svelte/src/internal/client/dev/elements.js
+++ b/packages/svelte/src/internal/client/dev/elements.js
@@ -2,6 +2,7 @@
 import { COMMENT_NODE, DOCUMENT_FRAGMENT_NODE, ELEMENT_NODE } from '#client/constants';
 import { HYDRATION_END, HYDRATION_START, HYDRATION_START_ELSE } from '../../../constants.js';
 import { hydrating } from '../dom/hydration.js';
+import { dev_stack } from '../context.js';
 
 /**
  * @param {any} fn
@@ -28,6 +29,7 @@ export function add_locations(fn, filename, locations) {
 function assign_location(element, filename, location) {
 	// @ts-expect-error
 	element.__svelte_meta = {
+		parent: dev_stack,
 		loc: { file: filename, line: location[0], column: location[1] }
 	};
 
diff --git a/packages/svelte/src/internal/client/dom/blocks/await.js b/packages/svelte/src/internal/client/dom/blocks/await.js
index 47df5fc9a5..325224fff2 100644
--- a/packages/svelte/src/internal/client/dom/blocks/await.js
+++ b/packages/svelte/src/internal/client/dom/blocks/await.js
@@ -16,9 +16,11 @@ import { queue_micro_task } from '../task.js';
 import { HYDRATION_START_ELSE, UNINITIALIZED } from '../../../../constants.js';
 import {
 	component_context,
+	dev_stack,
 	is_runes,
 	set_component_context,
-	set_dev_current_component_function
+	set_dev_current_component_function,
+	set_dev_stack
 } from '../../context.js';
 
 const PENDING = 0;
@@ -45,6 +47,7 @@ export function await_block(node, get_input, pending_fn, then_fn, catch_fn) {
 
 	/** @type {any} */
 	var component_function = DEV ? component_context?.function : null;
+	var dev_original_stack = DEV ? dev_stack : null;
 
 	/** @type {V | Promise<V> | typeof UNINITIALIZED} */
 	var input = UNINITIALIZED;
@@ -75,7 +78,10 @@ export function await_block(node, get_input, pending_fn, then_fn, catch_fn) {
 			set_active_effect(effect);
 			set_active_reaction(effect); // TODO do we need both?
 			set_component_context(active_component_context);
-			if (DEV) set_dev_current_component_function(component_function);
+			if (DEV) {
+				set_dev_current_component_function(component_function);
+				set_dev_stack(dev_original_stack);
+			}
 		}
 
 		try {
@@ -107,7 +113,11 @@ export function await_block(node, get_input, pending_fn, then_fn, catch_fn) {
 			}
 		} finally {
 			if (restore) {
-				if (DEV) set_dev_current_component_function(null);
+				if (DEV) {
+					set_dev_current_component_function(null);
+					set_dev_stack(null);
+				}
+
 				set_component_context(null);
 				set_active_reaction(null);
 				set_active_effect(null);
diff --git a/packages/svelte/src/internal/client/dom/blocks/svelte-element.js b/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
index ffa57b2d8b..231a3621b1 100644
--- a/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
+++ b/packages/svelte/src/internal/client/dom/blocks/svelte-element.js
@@ -18,7 +18,7 @@ import {
 import { set_should_intro } from '../../render.js';
 import { current_each_item, set_current_each_item } from './each.js';
 import { active_effect } from '../../runtime.js';
-import { component_context } from '../../context.js';
+import { component_context, dev_stack } from '../../context.js';
 import { DEV } from 'esm-env';
 import { EFFECT_TRANSPARENT, ELEMENT_NODE } from '#client/constants';
 import { assign_nodes } from '../template.js';
@@ -107,6 +107,7 @@ export function element(node, get_tag, is_svg, render_fn, get_namespace, locatio
 				if (DEV && location) {
 					// @ts-expect-error
 					element.__svelte_meta = {
+						parent: dev_stack,
 						loc: {
 							file: filename,
 							line: location[0],
diff --git a/packages/svelte/src/internal/client/index.js b/packages/svelte/src/internal/client/index.js
index a8c04e9d4c..bfbdefd095 100644
--- a/packages/svelte/src/internal/client/index.js
+++ b/packages/svelte/src/internal/client/index.js
@@ -1,6 +1,6 @@
 export { createAttachmentKey as attachment } from '../../attachments/index.js';
 export { FILENAME, HMR, NAMESPACE_SVG } from '../../constants.js';
-export { push, pop } from './context.js';
+export { push, pop, add_svelte_meta } from './context.js';
 export { assign, assign_and, assign_or, assign_nullish } from './dev/assign.js';
 export { cleanup_styles } from './dev/css.js';
 export { add_locations } from './dev/elements.js';
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index fdb136d503..d0e772f576 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -38,7 +38,7 @@ import * as e from '../errors.js';
 import { DEV } from 'esm-env';
 import { define_property } from '../../shared/utils.js';
 import { get_next_sibling } from '../dom/operations.js';
-import { component_context, dev_current_component_function } from '../context.js';
+import { component_context, dev_current_component_function, dev_stack } from '../context.js';
 import { Batch } from './batch.js';
 import { flatten } from './async.js';
 
@@ -348,7 +348,11 @@ export function template_effect(fn, sync = [], async = []) {
  * @param {number} flags
  */
 export function block(fn, flags = 0) {
-	return create_effect(RENDER_EFFECT | BLOCK_EFFECT | flags, fn, true);
+	var effect = create_effect(RENDER_EFFECT | BLOCK_EFFECT | flags, fn, true);
+	if (DEV) {
+		effect.dev_stack = dev_stack;
+	}
+	return effect;
 }
 
 /**
diff --git a/packages/svelte/src/internal/client/reactivity/props.js b/packages/svelte/src/internal/client/reactivity/props.js
index f3111361c0..3501bcd3c7 100644
--- a/packages/svelte/src/internal/client/reactivity/props.js
+++ b/packages/svelte/src/internal/client/reactivity/props.js
@@ -8,12 +8,11 @@ import {
 	PROPS_IS_UPDATED
 } from '../../../constants.js';
 import { get_descriptor, is_function } from '../../shared/utils.js';
-import { mutable_source, set, source, update } from './sources.js';
+import { set, source, update } from './sources.js';
 import { derived, derived_safe_equal } from './deriveds.js';
-import { get, captured_signals, untrack } from '../runtime.js';
-import { safe_equals } from './equality.js';
+import { get, untrack } from '../runtime.js';
 import * as e from '../errors.js';
-import { LEGACY_DERIVED_PROP, LEGACY_PROPS, STATE_SYMBOL } from '#client/constants';
+import { LEGACY_PROPS, STATE_SYMBOL } from '#client/constants';
 import { proxy } from '../proxy.js';
 import { capture_store_binding } from './store.js';
 import { legacy_mode_flag } from '../../flags/index.js';
@@ -260,89 +259,92 @@ function has_destroyed_component_ctx(current_value) {
  * @returns {(() => V | ((arg: V) => V) | ((arg: V, mutation: boolean) => V))}
  */
 export function prop(props, key, flags, fallback) {
-	var immutable = (flags & PROPS_IS_IMMUTABLE) !== 0;
 	var runes = !legacy_mode_flag || (flags & PROPS_IS_RUNES) !== 0;
 	var bindable = (flags & PROPS_IS_BINDABLE) !== 0;
 	var lazy = (flags & PROPS_IS_LAZY_INITIAL) !== 0;
-	var is_store_sub = false;
-	var prop_value;
-
-	if (bindable) {
-		[prop_value, is_store_sub] = capture_store_binding(() => /** @type {V} */ (props[key]));
-	} else {
-		prop_value = /** @type {V} */ (props[key]);
-	}
-
-	// Can be the case when someone does `mount(Component, props)` with `let props = $state({...})`
-	// or `createClassComponent(Component, props)`
-	var is_entry_props = STATE_SYMBOL in props || LEGACY_PROPS in props;
-
-	var setter =
-		(bindable &&
-			(get_descriptor(props, key)?.set ??
-				(is_entry_props && key in props && ((v) => (props[key] = v))))) ||
-		undefined;
 
 	var fallback_value = /** @type {V} */ (fallback);
 	var fallback_dirty = true;
-	var fallback_used = false;
 
 	var get_fallback = () => {
-		fallback_used = true;
 		if (fallback_dirty) {
 			fallback_dirty = false;
-			if (lazy) {
-				fallback_value = untrack(/** @type {() => V} */ (fallback));
-			} else {
-				fallback_value = /** @type {V} */ (fallback);
-			}
+
+			fallback_value = lazy
+				? untrack(/** @type {() => V} */ (fallback))
+				: /** @type {V} */ (fallback);
 		}
 
 		return fallback_value;
 	};
 
-	if (prop_value === undefined && fallback !== undefined) {
-		if (setter && runes) {
-			e.props_invalid_value(key);
-		}
+	/** @type {((v: V) => void) | undefined} */
+	var setter;
 
-		prop_value = get_fallback();
-		if (setter) setter(prop_value);
+	if (bindable) {
+		// Can be the case when someone does `mount(Component, props)` with `let props = $state({...})`
+		// or `createClassComponent(Component, props)`
+		var is_entry_props = STATE_SYMBOL in props || LEGACY_PROPS in props;
+
+		setter =
+			get_descriptor(props, key)?.set ??
+			(is_entry_props && key in props ? (v) => (props[key] = v) : undefined);
+	}
+
+	var initial_value;
+	var is_store_sub = false;
+
+	if (bindable) {
+		[initial_value, is_store_sub] = capture_store_binding(() => /** @type {V} */ (props[key]));
+	} else {
+		initial_value = /** @type {V} */ (props[key]);
+	}
+
+	if (initial_value === undefined && fallback !== undefined) {
+		initial_value = get_fallback();
+
+		if (setter) {
+			if (runes) e.props_invalid_value(key);
+			setter(initial_value);
+		}
 	}
 
 	/** @type {() => V} */
 	var getter;
+
 	if (runes) {
 		getter = () => {
 			var value = /** @type {V} */ (props[key]);
 			if (value === undefined) return get_fallback();
 			fallback_dirty = true;
-			fallback_used = false;
 			return value;
 		};
 	} else {
-		// Svelte 4 did not trigger updates when a primitive value was updated to the same value.
-		// Replicate that behavior through using a derived
-		var derived_getter = (immutable ? derived : derived_safe_equal)(
-			() => /** @type {V} */ (props[key])
-		);
-		derived_getter.f |= LEGACY_DERIVED_PROP;
 		getter = () => {
-			var value = get(derived_getter);
-			if (value !== undefined) fallback_value = /** @type {V} */ (undefined);
+			var value = /** @type {V} */ (props[key]);
+
+			if (value !== undefined) {
+				// in legacy mode, we don't revert to the fallback value
+				// if the prop goes from defined to undefined. The easiest
+				// way to model this is to make the fallback undefined
+				// as soon as the prop has a value
+				fallback_value = /** @type {V} */ (undefined);
+			}
+
 			return value === undefined ? fallback_value : value;
 		};
 	}
 
-	// easy mode — prop is never written to
-	if ((flags & PROPS_IS_UPDATED) === 0 && runes) {
+	// prop is never written to — we only need a getter
+	if (runes && (flags & PROPS_IS_UPDATED) === 0) {
 		return getter;
 	}
 
-	// intermediate mode — prop is written to, but the parent component had
-	// `bind:foo` which means we can just call `$$props.foo = value` directly
+	// prop is written to, but the parent component had `bind:foo` which
+	// means we can just call `$$props.foo = value` directly
 	if (setter) {
 		var legacy_parent = props.$$legacy;
+
 		return function (/** @type {any} */ value, /** @type {boolean} */ mutation) {
 			if (arguments.length > 0) {
 				// We don't want to notify if the value was mutated and the parent is in runes mode.
@@ -352,82 +354,41 @@ export function prop(props, key, flags, fallback) {
 				if (!runes || !mutation || legacy_parent || is_store_sub) {
 					/** @type {Function} */ (setter)(mutation ? getter() : value);
 				}
+
 				return value;
-			} else {
-				return getter();
 			}
+
+			return getter();
 		};
 	}
 
-	// hard mode. this is where it gets ugly — the value in the child should
-	// synchronize with the parent, but it should also be possible to temporarily
-	// set the value to something else locally.
-	var from_child = false;
-	var was_from_child = false;
-
-	// The derived returns the current value. The underlying mutable
-	// source is written to from various places to persist this value.
-	var inner_current_value = mutable_source(prop_value);
-	var current_value = derived(() => {
-		var parent_value = getter();
-		var child_value = get(inner_current_value);
-
-		if (from_child) {
-			from_child = false;
-			was_from_child = true;
-			return child_value;
-		}
-
-		was_from_child = false;
-		return (inner_current_value.v = parent_value);
-	});
-
-	// Ensure we eagerly capture the initial value if it's bindable
-	if (bindable) {
-		get(current_value);
-	}
+	// Either prop is written to, but there's no binding, which means we
+	// create a derived that we can write to locally.
+	// Or we are in legacy mode where we always create a derived to replicate that
+	// Svelte 4 did not trigger updates when a primitive value was updated to the same value.
+	var d = ((flags & PROPS_IS_IMMUTABLE) !== 0 ? derived : derived_safe_equal)(getter);
 
-	if (!immutable) current_value.equals = safe_equals;
+	// Capture the initial value if it's bindable
+	if (bindable) get(d);
 
 	return function (/** @type {any} */ value, /** @type {boolean} */ mutation) {
-		// legacy nonsense — need to ensure the source is invalidated when necessary
-		// also needed for when handling inspect logic so we can inspect the correct source signal
-		if (captured_signals !== null) {
-			// set this so that we don't reset to the parent value if `d`
-			// is invalidated because of `invalidate_inner_signals` (rather
-			// than because the parent or child value changed)
-			from_child = was_from_child;
-			// invoke getters so that signals are picked up by `invalidate_inner_signals`
-			getter();
-			get(inner_current_value);
-		}
-
 		if (arguments.length > 0) {
-			const new_value = mutation ? get(current_value) : runes && bindable ? proxy(value) : value;
-
-			if (!current_value.equals(new_value)) {
-				from_child = true;
-				set(inner_current_value, new_value);
-				// To ensure the fallback value is consistent when used with proxies, we
-				// update the local fallback_value, but only if the fallback is actively used
-				if (fallback_used && fallback_value !== undefined) {
-					fallback_value = new_value;
-				}
+			const new_value = mutation ? get(d) : runes && bindable ? proxy(value) : value;
 
-				if (has_destroyed_component_ctx(current_value)) {
-					return value;
-				}
+			set(d, new_value);
 
-				untrack(() => get(current_value)); // force a synchronisation immediately
+			if (fallback_value !== undefined) {
+				fallback_value = new_value;
 			}
 
 			return value;
 		}
 
-		if (has_destroyed_component_ctx(current_value)) {
-			return current_value.v;
+		// TODO is this still necessary post-#16263?
+		if (has_destroyed_component_ctx(d)) {
+			return d.v;
 		}
 
-		return get(current_value);
+		return get(d);
 	};
 }
diff --git a/packages/svelte/src/internal/client/reactivity/types.d.ts b/packages/svelte/src/internal/client/reactivity/types.d.ts
index c24ecdbdc9..75e6f6bec2 100644
--- a/packages/svelte/src/internal/client/reactivity/types.d.ts
+++ b/packages/svelte/src/internal/client/reactivity/types.d.ts
@@ -1,4 +1,10 @@
-import type { ComponentContext, Dom, Equals, TemplateNode, TransitionManager } from '#client';
+import type {
+	ComponentContext,
+	DevStackEntry,
+	Equals,
+	TemplateNode,
+	TransitionManager
+} from '#client';
 import type { Boundary } from '../dom/blocks/boundary';
 
 export interface Signal {
@@ -83,6 +89,8 @@ export interface Effect extends Reaction {
 	b: Boundary | null;
 	/** Dev only */
 	component_function?: any;
+	/** Dev only. Only set for certain block effects. Contains a reference to the stack that represents the render tree */
+	dev_stack?: DevStackEntry | null;
 }
 
 export type Source<V = unknown> = Value<V>;
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 40a0f35e9f..8ca7383327 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -20,7 +20,6 @@ import {
 	STATE_SYMBOL,
 	BLOCK_EFFECT,
 	ROOT_EFFECT,
-	LEGACY_DERIVED_PROP,
 	DISCONNECTED,
 	REACTION_IS_UPDATING,
 	EFFECT_IS_UPDATING,
@@ -44,9 +43,11 @@ import { tracing_expressions, get_stack } from './dev/tracing.js';
 import {
 	component_context,
 	dev_current_component_function,
+	dev_stack,
 	is_runes,
 	set_component_context,
-	set_dev_current_component_function
+	set_dev_current_component_function,
+	set_dev_stack
 } from './context.js';
 import * as w from './warnings.js';
 import { current_batch, Batch, batch_deriveds } from './reactivity/batch.js';
@@ -478,6 +479,9 @@ export function update_effect(effect) {
 	if (DEV) {
 		var previous_component_fn = dev_current_component_function;
 		set_dev_current_component_function(effect.component_function);
+		var previous_stack = /** @type {any} */ (dev_stack);
+		// only block effects have a dev stack, keep the current one otherwise
+		set_dev_stack(effect.dev_stack ?? dev_stack);
 	}
 
 	try {
@@ -512,6 +516,7 @@ export function update_effect(effect) {
 
 		if (DEV) {
 			set_dev_current_component_function(previous_component_fn);
+			set_dev_stack(previous_stack);
 		}
 	}
 }
@@ -978,17 +983,7 @@ export function invalidate_inner_signals(fn) {
 	var captured = capture_signals(() => untrack(fn));
 
 	for (var signal of captured) {
-		// Go one level up because derived signals created as part of props in legacy mode
-		if ((signal.f & LEGACY_DERIVED_PROP) !== 0) {
-			for (const dep of /** @type {Derived} */ (signal).deps || []) {
-				if ((dep.f & DERIVED) === 0) {
-					// Use internal_set instead of set here and below to avoid mutation validation
-					internal_set(dep, dep.v);
-				}
-			}
-		} else {
-			internal_set(signal, signal.v);
-		}
+		internal_set(signal, signal.v);
 	}
 }
 
diff --git a/packages/svelte/src/internal/client/types.d.ts b/packages/svelte/src/internal/client/types.d.ts
index 01baee0467..eb386ce583 100644
--- a/packages/svelte/src/internal/client/types.d.ts
+++ b/packages/svelte/src/internal/client/types.d.ts
@@ -185,4 +185,13 @@ export type SourceLocation =
 	| [line: number, column: number]
 	| [line: number, column: number, SourceLocation[]];
 
+export interface DevStackEntry {
+	file: string;
+	type: 'component' | 'if' | 'each' | 'await' | 'key' | 'render';
+	line: number;
+	column: number;
+	parent: DevStackEntry | null;
+	componentTag?: string;
+}
+
 export * from './reactivity/types';
diff --git a/packages/svelte/src/version.js b/packages/svelte/src/version.js
index 1c0aed6e87..baa2dbd046 100644
--- a/packages/svelte/src/version.js
+++ b/packages/svelte/src/version.js
@@ -4,5 +4,5 @@
  * The current version, as set in package.json.
  * @type {string}
  */
-export const VERSION = '5.34.9';
+export const VERSION = '5.35.0';
 export const PUBLIC_VERSION = '5';
diff --git a/packages/svelte/tests/runtime-legacy/samples/prop-no-change/_config.js b/packages/svelte/tests/runtime-legacy/samples/prop-no-change/_config.js
index 905c2a6226..84658336e2 100644
--- a/packages/svelte/tests/runtime-legacy/samples/prop-no-change/_config.js
+++ b/packages/svelte/tests/runtime-legacy/samples/prop-no-change/_config.js
@@ -2,6 +2,7 @@ import { flushSync } from 'svelte';
 import { test } from '../../test';
 
 export default test({
+	accessors: false,
 	test({ assert, logs, target }) {
 		assert.deepEqual(logs, ['primitive', 'object']);
 		target.querySelector('button')?.click();
diff --git a/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/_config.js b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/_config.js
new file mode 100644
index 0000000000..eba85d5098
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/_config.js
@@ -0,0 +1,186 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	mode: ['client', 'hydrate'],
+	compileOptions: {
+		dev: true
+	},
+	html: `
+		<p>no parent</p>
+		<button>toggle</button>
+		<p>if</p>
+		<p>each</p>
+		<p>loading</p>
+		<p>key</p>
+		<p>hi</p>
+		<p>hi</p>
+		<p>hi</p>
+		<p>hi</p>
+		<p>hi</p>
+	`,
+
+	async test({ target, assert }) {
+		function check() {
+			const [main, if_, each, await_, key, child1, child2, child3, child4, dynamic] =
+				target.querySelectorAll('p');
+
+			// @ts-expect-error
+			assert.deepEqual(main.__svelte_meta.parent, null);
+
+			// @ts-expect-error
+			assert.deepEqual(if_.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'if',
+				line: 12,
+				column: 0,
+				parent: null
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(each.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'each',
+				line: 16,
+				column: 0,
+				parent: null
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(await_.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'await',
+				line: 20,
+				column: 0,
+				parent: null
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(key.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'key',
+				line: 26,
+				column: 0,
+				parent: null
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(child1.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'component',
+				componentTag: 'Child',
+				line: 30,
+				column: 0,
+				parent: null
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(child2.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'component',
+				componentTag: 'Child',
+				line: 33,
+				column: 1,
+				parent: {
+					file: 'passthrough.svelte',
+					type: 'render',
+					line: 5,
+					column: 0,
+					parent: {
+						file: 'main.svelte',
+						type: 'component',
+						componentTag: 'Passthrough',
+						line: 32,
+						column: 0,
+						parent: null
+					}
+				}
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(child3.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'component',
+				componentTag: 'Child',
+				line: 38,
+				column: 2,
+				parent: {
+					file: 'passthrough.svelte',
+					type: 'render',
+					line: 5,
+					column: 0,
+					parent: {
+						file: 'main.svelte',
+						type: 'component',
+						componentTag: 'Passthrough',
+						line: 37,
+						column: 1,
+						parent: {
+							file: 'passthrough.svelte',
+							type: 'render',
+							line: 5,
+							column: 0,
+							parent: {
+								file: 'main.svelte',
+								type: 'component',
+								componentTag: 'Passthrough',
+								line: 36,
+								column: 0,
+								parent: null
+							}
+						}
+					}
+				}
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(child4.__svelte_meta.parent, {
+				file: 'passthrough.svelte',
+				type: 'render',
+				line: 8,
+				column: 1,
+				parent: {
+					file: 'passthrough.svelte',
+					type: 'if',
+					line: 7,
+					column: 0,
+					parent: {
+						file: 'main.svelte',
+						type: 'component',
+						componentTag: 'Passthrough',
+						line: 43,
+						column: 1,
+						parent: {
+							file: 'main.svelte',
+							type: 'if',
+							line: 42,
+							column: 0,
+							parent: null
+						}
+					}
+				}
+			});
+
+			// @ts-expect-error
+			assert.deepEqual(dynamic.__svelte_meta.parent, {
+				file: 'main.svelte',
+				type: 'component',
+				componentTag: 'x.y',
+				line: 50,
+				column: 0,
+				parent: null
+			});
+		}
+
+		await tick();
+		check();
+
+		// Test that stack is kept when re-rendering
+		const button = target.querySelector('button');
+		button?.click();
+		await tick();
+		button?.click();
+		await tick();
+		check();
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/child.svelte b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/child.svelte
new file mode 100644
index 0000000000..0df6def593
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/child.svelte
@@ -0,0 +1 @@
+<p>hi</p>
\ No newline at end of file
diff --git a/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/main.svelte b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/main.svelte
new file mode 100644
index 0000000000..b9bd46d8f7
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/main.svelte
@@ -0,0 +1,50 @@
+<script>
+	import Child from "./child.svelte";
+	import Passthrough from "./passthrough.svelte";
+	let x = { y: Child }
+	let key = 'test';
+	let show = $state(true);
+</script>
+
+<p>no parent</p>
+<button onclick={() => show = !show}>toggle</button>
+
+{#if true}
+	<p>if</p>
+{/if}
+
+{#each [1]}
+	<p>each</p>
+{/each}
+
+{#await Promise.resolve()}
+	<p>loading</p>
+{:then}
+	<p>await</p>
+{/await}
+
+{#key key}
+	<p>key</p>
+{/key} 
+
+<Child />
+
+<Passthrough>
+	<Child />
+</Passthrough>
+
+<Passthrough>
+	<Passthrough>
+		<Child />
+	</Passthrough>
+</Passthrough>
+
+{#if show}
+	<Passthrough>
+		{#snippet named()}
+			<p>hi</p>
+		{/snippet}
+	</Passthrough>
+{/if}
+
+<x.y />
diff --git a/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/passthrough.svelte b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/passthrough.svelte
new file mode 100644
index 0000000000..70ba81a4c1
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/svelte-meta-parent/passthrough.svelte
@@ -0,0 +1,9 @@
+<script>
+	let { children, named } = $props();
+</script>
+
+{@render children?.()}
+
+{#if true}
+	{@render named?.()}
+{/if}