In the long run you aren't going to be beating inflation by 2% with your cash or equivalent (CDs, treasuries, repo, whatever). That's in the 0-1% above inflation range, and likely on the lower end of that scale.

Even intermediate or longer term bonds struggle to get 2% real returns.

But yea, "high yield" is a misleading name for savings accounts, and there isn't a huge point to it now, especially after the liquidity rules on government money markets got tighter after dodd frank.

There is still one benefit to having at least a month or two of expenses in a savings account though - FDIC. In an emergency that also crashes your bank, FDIC turnaround is like one business day. SIPC exists for brokerage holdings, but it is glacially slow by comparison.