I ll tell you in a simple way why it does not protect you.
When you inject more steem into the system it makes your money worth less
No it does not, and this is the source of your confusion.
Let's use another example here. I have 10 coins, you have 10 coins. Now we create 20 coins out of thin air (100% inflation!) and give you 10 and me 10. Has anything changed here? No.
As I said earlier, this is a stock split dynamic, and does not change anyone's purchasing power, despite that scary "Inflation!" word.
Steem is a little bit more complicated than this, but not much. Until you understand how stock splits work and why the "inflation" created by stock splits is only an accounting adjustment and has no economic relevance, you will never understand Steem.
Following your example then, assume there is only 20 coins total in circulation and the price of 1 steem was 4$ when we both had 10 coins, now that we have 20 each the price of steem will be 2$, next year again we get double more coins the price will be 1$. You may not be affected by the inflation but what about the system as a whole . The 10% inflation used to pay for rewards on the platform will have to increase if the price of 1 steem keeps decreasing ( which will inevitably be the case, again you may not lose money but the price of 1 steem may be less than a penny)Of course this is assuming there is no demand for the currency but that's my point, i am trying to figure out long term how this is viable, today the only reason people buy steem is speculation, when steem will reach its growth limit and people stop buying it because its price keeps going down what will happen then. Well exactly what i explained above, the price of 1 steem will keep decreasing and they will have to increase the 10% inflation in order to pay for all new content and new users post, upvote rewards.