Yes, I think so.

USD and UST are the reserve currency and asset and prime collateral of the global fin system. The Eurodollar system (USD outside the US mainland) is particularly dependent on USD/UST to provide credit. If the USD rises it will curtail also credit/collateral in the Eurodollar system hence affecting economic activity/growth.

In essence, in global trade companies have to show up with USD to get stuff. Even if the business is running profitably the fact that it needs "exogenious" USD can mean liquidity issues if it can't USD.

Imo credit aka money printing does not equal growth. Growth is the result of innovation and efficiency gains (basend on ideas, technologies and socioecomic circumstances) in the economy. Money can not drive that; it just measures economic activity in a common standard (demoniation).