That would be true if the only way to create a failed currency was to print it to death. But we've observed cryptocurrencies with mining caps collapse to $0 in the same way as a fiat currency.
That it does, but I understand that Bitcoin's deflationary by default nature has also been criticized.
Bitcoin also adds new failure cases such as irreparably losing money through address typos and lost/failed hard drives, not to mention the numerous & exciting failures in DeFi.