You are using the useCallabck hook in the wrong way, this hook doesn't need the return statement to cleanup. more information on React's useCallabck documentation.

First, try to remove the return statement from useCallback. Then try to implement the callback outside of your useEffect:

const [task, setTask] = useState(null); // initialize with proper data or leave it blank

const fetchData = React.useCallback(  () => {
    const newTask = InteractionManager.runAfterInteractions( async () => {
      const _token =  await AsyncStorage.getItem('@token');
      let UserId = await AsyncStorage.getItem('@UserID')
      setToken(_token);
      fetchParents(UserId, _token);
      fetchStudent(UserId, _token);
      fetchTeacher(UserId, _token);
      UserProfile(UserId, _token)
    });
    setTask(newTask)
  }, [])


// now, this useEffect run only once after your component did mount
useEffect( () => {
    fetchData()
    // to cleanup tasks on component will mount
    return () => {
      task.cancel();
      setTask(null)  // to remove task from state
  }, [])
);

Also, you can call your APIs with an async function without useCallback hook (which I guess you used to ignore the async call in your useEffect)

async function fetchData () {
  try {
      const newTask = InteractionManager.runAfterInteractions( async () => {
        const _token =  await AsyncStorage.getItem('@token');
        let UserId = await AsyncStorage.getItem('@UserID')
        setToken(_token);
        fetchParents(UserId, _token);
        fetchStudent(UserId, _token);
        fetchTeacher(UserId, _token);
        UserProfile(UserId, _token)
      });
      setTask(newTask)
  } catch (error) {
   // do somethings with error case
  }
}