The Supreme Court of the United States has stated that dual nationality is “a status long recognized in the law” and that “a person may have and exercise rights of nationality in two countries and be subject to the responsibilities of both. The mere fact that he [sic] asserts the rights of one citizenship does not without more mean that he renounces the other” (see Kawakita v. U.S., 343 U.S. 717 [1952] ).
The fact that the SC recognizes the validity of dual citizenship implies that the SC also thinks that dual citizenship does not specifically disqualify a natural born US citizen from being President.
Afaik, it was to protect the country from foreign influence, rather than more narrowly to ensure that potus has 'no dual allegiances'.
The Supreme Court appears to agree:
https://jp.usembassy.gov/services/dual-nationality/
The fact that the SC recognizes the validity of dual citizenship implies that the SC also thinks that dual citizenship does not specifically disqualify a natural born US citizen from being President.