If you assume US dollar will be devalued and inflation in US will rise, are global market funds a hedge?

I've listened to a lot of experts recently who believe that:

A. the dollar will be devalued against other currencies as it loses reserve currency status

B. US will enter an inflationary period at least as bad as covid due to tariffs and turnips policies

If this is the case, would global and emerging market funds serve as a natural hedge? Seems like you are buying high right now with the value of the dollar, if the dollar then goes down you profit off the swing. Is this thinking correct?