The dollar traded at pretty stable levels through the 2020-2024 period, and most countries that could did similar things to their currencies as we did.

To be clear, it doesn't make sense to say "the dollar traded at pretty stable levels". You need an FX pair to make sense.

There are three big, floating currencies in the world: USD, EUR, and JPY. These currencies are overwhelming used for international trade. The USD<->EUR FX rate has been quite stable (~1.10) for about 10 years. However, the JPY<->USD FX rates has risen dramatically since 2022.

To be clear, it's obvious I'm saying across a basket of all FX pairs, the US traded at pretty stable levels. There is no sign at all of debasement.

JPY, likewise, has performed terribly against a basket of all FX pairs.

JPY is the outlier.

One look at a currency prices chart disproves the "debasing" theory.