Since setState is asynchronous, is it executed via callback queue?

Yes. it's always asynchronous and never synchronous. common mistakes by developers is something like this

 handleEvent(newValue) {
   this.setState({ value: newValue }, () => {
      // you can get the updated state here
      console.log(this.state.value)
   })
   this.doSomething(newValue)
 }

 doSomething(newValue) {
   // this.state.value is still the old value
   if (this.state.value === newValue) {
      // blabla
   }
 }

And you can't determine how much time it will take for the state to update.

React setState is not always asynchronous, it depends upon how state change was triggered.

1) Synchronous - If the action is outside of Reactjs world or if the state change was triggered by timer or user induced event handler, then reactjs can't batch updates and has to mutate the state immediately.

2) Asynchronous If the state change is triggered by onClick, then Reactjs can batch updates to the state for performance gains.

Working codesandbox link

and

Reference post

import React from "react";
import ReactDOM from "react-dom";

import "./styles.css";

class App extends React.Component {
  state = {
    counter: 0
  };
  componentDidMount() {
    // const intervalId = setInterval(this.updateState, 5000);
    // this.setState({intervalId: intervalId});
    this.counter.addEventListener("mousedown", this.updateState);
  }
  componentWillUnmount() {
    this.counter.removeEventListener("mousedown", this.updateState);
    // clearInterval(this.state.intervalId);
  }
  updateState = event => {
    console.log("= = = = = = = = = = = =");
    console.log("EVENT:", event ? event.type : "timer");
    console.log("Pre-setState:", this.state.counter);
    this.setState({
      counter: this.state.counter + 1
    });
    console.log("Post-setState:", this.state.counter);
  };
  render() {
    return (
      <div className="App">
        <span onClick={this.updateState} ref={elem => (this.counter = elem)}>
          Counter at {this.state.counter}
        </span>
      </div>
    );
  }
}

const rootElement = document.getElementById("root");
ReactDOM.render(<App />, rootElement);

console logs

    = = = = = = = = = = = =
    EVENT: mousedown 
    Pre-setState: 
    0
    Post-setState: 
    1
    = = = = = = = = = = = = 
    EVENT: click 
    Pre-setState: 
    1
    Post-setState: 
    1

As you can see in console logs, mousedown event state change is immediately reflected but onClick change is asynchronous or better said batched.

So its better we assume the state change will be asynchronous and use callback handler to avoid bugs. And off-course anything inside callback will go through event loop in javascript.

Hope that helps!!!