Would your capital allocation change if you had access to 8-9% risk free time deposits?

So I’ve been dumping all my investments into US/Global index funds and have zero exposure to bonds or bond-like instruments aside from my EF sitting in a HYSA.

In the country I’m in, the proliferation of digital banks have brought about 12 month time deposits offering 8-9% nominal returns, effectively risk free since it’s insured by the government up to a certain amount (yes I know it isn’t 100% risk free).

Removing emotions and feelings, is it worth allocating up to that “certain amount” or is the correct thing to do to stay the course because in theory equities would still outperform over 30 years versus 1-2 years of time deposits at 8% then 28 years into equities (unless I’m making the specific call that equities will return <8% in the next 12-24 months which I would never really know).

TLDR: At what risk free rate would allocating to these time deposits be an actual principled decision vs just another attempt to “time the market” and betting against specific year returns.