Just like gold, in fact, during a recession and bank failures Bitcoin may just perform very well, because it has limited quantity, it is decentralized, and it is relatively decorrelating from traditional financial markets.
The question you gave in the title has actually been answered in the explanation you said because in the end bitcoin will still survive even though the economy is currently in a bad condition.
Although it may have a slight impact on the market but in the end the movement of bitcoin will still be unstoppable and that was proven some time ago when the world economy was inflamed due to Covid which hit even for several years but in the end bitcoin survived and its movement until now is very good.
So in the end by looking at the history that happened a few years ago it has also been seen that this can be a good hedge for the economy that we have even though in this case we also cannot rule out risk because bitcoin is clearly at risk but for the future or long term this can be an alternative to the economic hedge that we have.