I guess we will see won't we. You can't keep printing at this rate without there eventually being inflation. Once you start printing more than the velocity of money is slowing, you get inflation. The only question is whether we are at that point now or not, as you mentioned. I suspect we are very close to it.
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The velocity of money is slowing because there is less impact with stimulus.
The formula is GDP/money supply = velocity
There is no way to see inflation until there is a major impact on the economy, which hasnt happened in over a decade. The global economy is simply held back by the onerous burden of all that debt. All the money printing in the world, which only adds more debt, will only eat into GDP at a faster rate.
The US is the only developed economy with a V of 1 or greater (the MSM is right at 1). Everyone else is less than 1.
The Keynesian basis of money printing leads to inflation which will lead to economic growth is done. That was valid into the 1970s but is proven false starting in the early 1980s.
Technology and demographics globally are starting in the way and that is something that central banks cant get around.
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Remember, sometimes things don't work until they do. Specifically meaning that they don't work until "enough" was spent. There is no guarantee that it won't spur economic activity if done at enough scale, and targeted at the right things which is something you are leaving out. Much of the newly created money back in 2008/2009 never made it's way into the broader economy, mostly just sitting on bank's balance sheets, and thus no inflation was felt. This time is different in that much of this money is going out to people and to places that likely eventually makes its way into the broader economy. So indeed, the results may in fact be different this time around. Either way, my opinion is such that I would not be surprised to see inflation start to pick up in late 2021 or early 2022 based on the pandemic spending and subsequent likely economic recovery.