The government conjured trillions of dollars and pumped it into the economy; prices on houses, cars, food, and household products are up; companies are beating earnings despite no fundamental economic growth; the stock market is at all time highs; yet we think there's no inflation. If it looks like a duck, and sounds like a duck...
If dollars are worth 20% less, then a stock being up 20% is not a sign of growth. It's just a sign of the price of the stock having gone up, together with everything else that becomes more expensive with inflation.
That's the flaw in your thinking. Yes the government inflated the stock market by increasing the money supply, not no, not everything inflated together. For example, BTC inflated more than stocks and gold, food, and urban RE inflated less. The US stock market inflated much more than foreign stock markets, even in USD terms and despite the USD itself being worth much less (which is good for the American net-exporting economy).
Inflation is traditionally measured only by a narrow index of core consumer goods. Some countries in Europe are discussing adding housing now and it's a big controversy.
IMHO now that food production is mostly automated and the link to the cost of labor and the rest of the economy is much, much smaller, the threat of inflation is much lower, which is part of why we have the longest stretch of the lowest interest rates and there is no end in sight.