This actually is pretty true and quite obvious. The amount of fiscal deficits that have been created by governments around the world in the past two years is honestly much more than what was created in years before that which means it would actually take a lot of time for the economy to adjust itself according to this deficit, also covid even until now doesn't look like it's ending which means in some countries there might still be some lockdowns leading to even more fiscal deficits and then the same cycle could continue even further for a longer time frame. But I am sure with an increase in inflation the interest rates would rise too and therefore investing in traditional markets would be profitable. But yes Bitcoin holders will obviously be at an edge.
I doubt that many countries are going to implement lockdowns as they know the damage that they are going to do to their economy and they are not willing to do that especially when they are so indebted and they know that if they do that their economy may not recover, this means that the economic recovery that people were expecting is probably not going to happen with the intensity that they were expecting, and this is worrying because the economy was in bad shape before the pandemic and now it is even in a worse shape.