What assets are being "diluted dramatically"? The only asset class you mention are stocks and they're mostly up. Here in the Netherlands, housing prices have continued to rise during corona. Eurozone inflation in July was 0.4% annualized. So were is the massive dilution?
The government support you mention is for the most part financed through bonds (at very low or negative interest rates), not by "printing money".
The value of money is being diluted, the USD[0] and the Euro[1] for example, but by no means limited to them.
IMHO the difference of the monetary growth and the GDP growth in the same period is the value lost for each money unit. I concede GDP growth is not the perfect indicator of the value of an Economy, but it is what we have.
This is not post Bretton Woods, standard modus operandi we are talking here. Since 2008 we can see a change of scenario, and in Q1 2020 we can see once again a clear jump.
Inflation may result of an increase in the monetary base, but, as we saw with Japan, since they already tried[3], other factors as a productivity shock alongs with a liqudity trap might lead to deflation[4], which may be a far worse scenario.
One could argue that if equity and assets prices, on one hand, and salaries and pensions on the other, are stable while money is diluted as per above definition, you are already on a deflationary cycle.
The government support you mention is for the most part financed through bonds (at very low or negative interest rates), not by "printing money".