There is certainly some merit to your argument. I'm linking below an interesting analysis of the 2020 election.
In 2020, the trend of minority working class voters moving to Trump did continue to progress -- but Biden was able to offset by huge pickups in the suburbs. This year, Harris was not able to match that suburb performance, and the minority working class continued its rightward tilt.
Obviously, 2020 had no inflation issue -- so inflation cannot be the explanation for that result (even if it can explain the acceleration of that trend in 2024).
There is a demographic question as to whether it is possible to build a coalition of suburbs and working class. In other words, do the democrats have to pick one or the other?
Our findings suggest that the 2020 presidential election represented a continued shift in the base of the Democratic Party from one rooted in working-class voters to a coalition that’s highly concentrated in high-income suburbs.
jacobin.com