The decrease in stored energy over one cycle is exactly equal to the real power dissipated by the resistance R in the system. You have "loss of stored energy" (negative) plus "real power dissipated" (positive) equals zero. If you want to say the reactance plays a role in the real part of the impedance and power, then the reactance is where the energy is stored, and that energy is real, and can contribute to real power dissipation.
We are always drilled that reactance is always VAR and not Watts. And that is not true. I wonder why this is studied more in detail.
The fact that reactive devices like capacitors and inductors store energy is elementary, and is studied in detail in foundational material.
Being drilled is unfortunately learning by rote, and does not contribute to understanding.
AC circuit theory is a simplified analysis where amplitude and frequency are invariant with time. It is therefore a form of "steady state" analysis, where the steady state is a cyclic steady state in which the average behavior over time is always the same. In the special case of AC circuit theory you have that reactance is VAR and not watts, because there is no change in the average amount of stored energy over time. Therefore all power flows are due to transfer through the system, and are not due to accumulation or discharge of energy in the system.
However, AC circuit theory is very much a special case, and not the general case. The general case is transient analysis, such as when a motor is switched on, or a transformer is energized, or when a circuit breaker trips. AC circuit theory does not work for these cases, and you have to solve the differential equations for the transient.
Steinmetz considered one kind of transient analysis, which he chose to call "oscillating currents", only he omitted to write the differential equations for the system. Whether he did this because he thought the reader would not be familiar with differential equations, or for some other reason, remains unclear. However, it can apparently lead to such questions as appear here.