Moderate inflation doesn’t devalue savings only liquidity. Coca-Cola doesn’t care about 5% inflation long term, they are going to sell for whatever inflation adjusted prices work.

It’s always worth remembering that future cash flows aren’t guaranteed. The idea you can leverage fractions of a percent returns between loans and cash flows creates a great deal of fictional wealth that’s going to collapse at some point. Adding some real volatility to the financial system is critical for long term stability just as testing backup systems when you aren’t in a middle of a crisis.