This is an important debate, but it contains a critical confusion:

There is no "money printing." At least so far.

This is so for two reasons:
1. "Money" no longer exists as distinct from "bonds." The Fed and most central banks pay interest on reserves. So central bank "money" is just an interest bearing liquid government liability no different from TBills. And, of course, when interest rates are zero, even currency is just another zero yielding government liability.
2. So far all central banks have done is swap their liabilities for other government liabilities. Total public liabilities are not changed. (One could argue that the Bank of Japan has explicitly funded new spending rather than doing a debt swap. But the amounts are not big enough to matter.)

Does this mean we can relax about inflation? Of course not. Inflation is just the rate of decline in the exchange rate of government liabilities for goods and services. If the government creates enough liabilities and exchanges them for goods and services - or gives them to the public - that exchange rate will decline faster.

Current low inflation does suggest public finances have been too conservative and central banks too inflation averse. But it doesn't mean that investors can ignore inflation risk, especially as fiscal expansions grow.