How are people investing their savings/PA during a time of high inflation?

I have a stock pile of savings from the last year into the high five figures, mainly thanks to enforced living like a hermit from rolling lockdowns/WHF from Covid etc. Like most savers I am concerned by the rising inflation rates everywhere going past the 5% mark which does not appear to be 'transitory' as the MSM portrays ( I am based in a peripheral EU country where its arguably even higher than the US). I would therefore rather not just leave it sitting my deposit account getting eaten away by it.

I'm very unsure how to put this money to work however. Wondering how people are in a similar position would invest this type of money? I'll run through the asset classes and why I'm not gone on them at the moment:

• Real estate/REITs: I am in a country where the residential property market is dramatically overheated, plus the lending rules prevent me from getting the leverage needed anyway. Commercial property also potentially dodgy given large numbers of office-work employers pivoting to a WHF model.

• Stock market ETF: hard to see much capital appreciation when the S&P is already at 4600. Plus the P/E ratio is at ~26; the last two bubbles it was at 18 and 20 respectively ('29 & '08 GFC ). Obviously impossible to time any correction/crash in the other direction.

• Bonds: income streams will be eaten away by the inflation, plus yields at all time low anyway

• Crypto: potential ponzi scheme, not clear on intrinsic value; even if not, hard to see further capital appreciation from where it is now. Fairly volatile asset regardless to park retail savings.

• NFTs: I'm not a drug cartel member in need of money laundering

• Commods: concern going long oil/gas with COP26 in the news and potential for stranded assets etc. 

Nothing else springs to mind. Interested in what other people's thoughts are.