But there wouldn't be anywhere near the same level of demand (pent up or otherwise) if there wasn't any money printing / near 0 interest. (Government spending is over budget - they were able to spend more than they have because Fed gave them a good chunk of the money they printed in exchange for treasuries).

This is what people seem to forget. Trade involves two items, so you gotta look at both sides of the trade (in this case credit+dollars vs goods). Dollar supply has increased dramatically since 2020, credit near free, while the supply of goods has decreased. Obviously that's a recipe for inflation.

Had dollars+credit decreased with the supply of goods instead, people selling goods would have trouble demanding more dollars. For hyperbole, if only 1 dollar existed, no one could sell something for more than 1 dollar, no matter the supply of goods. People might still try to demand more than 1 dollar for their goods, but trade with dollars would cease to happen until they reduced their demands to <= 1 dollar.