Yes, gold's profitability is low because it can be compared to bitcoin's profitability. But for some conservative investors, they'll gold over bitcoin because it's tested by time and very common as a traditional asset that will surely be chosen by everybody.
As long as you do your thing of protecting your money from the inflation then that strategy fits your investing technique and tolerance towards risk that it has.
Gold hasn't performed well over the last decade. If you check the historical prices, there is no real change in gold prices between the ones we had in 2011 and the current prices. Gold production has increased over the years, while the demand has remained near constant. That may be one of the reasons. Two of the most important consumers are India and China and the demand has fallen in these two markets. In case of India, the government imposed additional taxes and that crashed the global gold prices almost immediately.