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Well, if we end up in runaway inflation - and that’s very possible, because the people running this place would have trouble assembling a Duplo set - we’ll all be able to pay off our debts for pennies on the dollar.
You are partially correct.
The problem is that you assume that during hyperinflation, you do not also have a massive rise in unemployment.
Historically speaking, this is a very noncredible assumption.
Also, even without that... you are still assuming symmetric inflation, broadly the same, everywhere.
That isn't guaranteed at all, this is another historicslly noncredible assumption, there's no fundamental reason that wages would not continue to increase by far less than every other daily cost of living.
So... sure, if you can survive that, remain employed, and your wages increase by more than the APR on your debt, oh right and dodge all the bank failures potentially wiping out your savings... uh sure ues then your plan may work.
Oh! Yeah, gotta also hope what is almost certainly your primary investment ... your house... does not collapse in value in real terms.
Uhm, roughly half the US is currently undergoing a massive housing market crash, so, again, not a great assumption.