I think you're correct in the causes. Still, if Biden and the Democrats were actually willing to wield their power the way Republicans are, they could have significantly improved how people feel about the economy. Even the perception that Dems are trying would've been big. They would rather lose than go against their own interests, though, and they did.
The other thing is that Kamala was one of the worst candidates in decades and despite what libs were hoping, being "not Trump" isn't good enough to win. Biden had the Obama VP bonus and still only barely won.