Yes like gold, real estate, and also arguably the index fund investment (that everyone buys into via 401k).

All these investments are only worth anything if someone buys them from you at a higher value.

Yes you can generate revenue from these but looking at increases in P/E ratios and real estate prices / income growth tells the story that the increases are primarily fueled by inflation.

For example compare the pre-pandemic and post-pandemic rent for a given apartment and you will see if the "underlying investment" is providing increasing value or if the value is the same or less for an older building but inflation is propping it up.