That is if the person holds on to the Fiat for a long period of time, I can remember my father doing the same when he was young like he told me, he was able to build his first house using a savings account and it worked, he bought some properties using savings.
Things have changed a lot today though, to build a house easily now requires a good amount of money and that can be done with investments instead of savings only.
Thanks to the existence of Bitcoin and crypto, investments have never been this better, I still save money today for some reasons, like emergencies and bill settlement but I am more into investment as it gives me better positivity in returns.
In past everyone was saving some amount and our parents did all necessary works with the help of such savings. Now a days things are changed but the main cause is that dreams of people also gets increasing and everyone wants a luxury lifestyle which does not allow them to save money for future or for doing important work in present.
Previously people were not involved much in investment and they were utilizing the money of saving but now as we save money it become reduces in value due to increasing inflation. Currently those are successful who choose both saving and investment as one does not work properly and you have to need both sources of saving and investment for handling of emergencies and increasing of money.