Yes. But also, with hard money, you're paying a premium to get access to money sooner. With debt in a rapidly devaluing money, the purchasing power of your debt is erroding so what you're paying back later is significantly less valuable.

Imagine buying a 10 million dollar home in Argentina at the beginning of the year with a 20 year mortgage. With inflation well over 100%, any interest rate below that and you are netting the difference in value.

You pay more in fiat terms but pay significantly less in purchasing power.