The big difference is that the money printing is overt with the Fed, ECB, BOJ, and others monetizing the entire debt issuance. Back then, there was an agreement by the Bank of Japan and Europe to buy treasuries, which ended in 1998. Once the program ended, markets started to collapse in October 1998 and the Fed had to step in with interest rate cuts and treasury purchases until Y2K.

Valuations are useless since the profits and assets are the result of printing money and issuing stock and debt to raise funds.