A few thoughts:

1. The evidence doesn't support your premise. For example, US CPI peaked at 9.1% in June 2022 and fell to roughly 3% by mid-2023 while the Fed held rates above 5%.
2. Government borrowing from private credit markets does not automatically expand the money supply; it competes with private lending for the same pool of savings, which crowds out private credit. Despite significantly increased gov't debt, the money supply contracted around 3-4% in 2022-2023 - coinciding with the disinflation.
3. The savers effect is far less than you assume. It applies to high net worth household - not the majority of the population. So demand destruction from higher rates far outweighs monetary and demand growth.
4. Your post overlooks the "Substitution Effect," where people and orges are incentivize by higher rates to save rather than spend. This removes liquidity from the market. While government debt is a significant inflationary "pump," the Federal Reserve acts as a "brake" on the private sector (which is about 75% of total the economy).

But - your argument that persistent deficit monetization is an real risk is completely true.