You are correct that QE printed money while keeping inflation in check by using financial institutions as conduits of the new money. The new money mostly ended

You are correct that QE printed money while keeping inflation in check by using financial institutions as conduits of the new money. The new money mostly ended up inflating assets which aren't necessary to survive. (Rents inflated some, but house prices more.) However the recent stimulus payments have been more like direct payments to people. We are already seeing this shift from asset inflation to staples inflation, but yes when SS exhausts its savings the Fed will top up the difference with new money and we will see monetary inflation of staples.