That is obviously true, but that poses another question: Since there is no "real" value for the dollar to compare to (same for all other currencies), what if all countries had printed money at the same rate and around the same timeframe? Comparatively, it would look like nothing changed, but in my opinion, the market would want to price that in as some sort of "inflation" (no idea if this really is inflation at that point), since compared to 2019 the intrinsic value of companies probably has not changed too much.
This is as very wonky explanation and I am aware that it likely has several errors along the way, so please tell me what I am not considering, I am genuinely interested.