The question in the headline is hard - if not impossible - to answer.
Because the situation of the world economy and the finacial systems is unprecedented so far. And that was already the case before the Corona crisis came along.

What you are saying there about how money is produced ect. is not correct. First, there is a difference between money and currency. Money is something that has intrinsic value, it can be gold or silver, but also any other material or good that people can use for something. A currency has no intrinsic value. A piece of paper that has €100 printed on it, has the value of - a piece of paper. Its value of €100 (whatever the purchasing power of that is at the time) only originates in the belief of the people that it will be accepted as currency by other people.
That is a huge difference! No currency has yet survived over time, since it always loses purchasing power (usually due to mismanagement by politics) and finally the faith of the people in its value. Money on the other hand, is always what it is. At least that money that is not destroyed by aging.

The process of creating currency by bank giving out loans is also somewhat different to what you describe. A bank does not have to own €100.000 to give someone a loan of €100.000. But thats a subject for another day... :)