Then Bitcoin becomes the central clearing house, reserve & store of value chain while other chains are left to operate daily transactions for better efficiency.
People have been proposing this very idea for awhile but assumed the transactions would be handled off-chain by semi-centralized entities.
People have been proposing this because they are economically ignorant.
There is no such thing as intrinsic value. Currencies only have value if people use them, so there is no way for Bitcoin to have behave as a store of value in the long term except as a direct consequence of its use as a medium of exchange.
Before you start talking about gold - no, it won't work that way.
Prior to central banks, gold behaved as a store of value because it was used as a medium of exchange.
After central banks, gold behaved as a store of value because of taxation.
Bitcoin could never survive as a high-fee settlement currency because high fees would arise due to block size rationing, not because transactions should naturally cost that much for technical reasons. Bitcoin would lose out to a competing currency with less/no rationing that would be less expensive to use for settlements.
High transaction rates on the main chain are the only way for Bitcoin to survive. Yes, getting there is a difficult technical problem to solve. Deal with it.