As a non-US person investing in the US, I rather expect a falling dollar as a baseline - with inflation picking up as both cause and effect of that. A stock may go from $100 to $110 while the dollar's purchasing power goes from 0.93 to 0.84, making it a wash for wealth.

But like everything else, it all depends on the alternatives. For example, if in the USA you invest in a stock and it remains flat while the US$ drops as described, and if the alternative is that you invest 93 locally and it drops to 84 then you experience the same effect. It's also not a complete "thought experiment" as the growth in the USA has indeed been higher than Europe for a couple of decades now. Investing in Asia probably had a higher return, but it comes with certain specific risks (nationalization, or effective 'shadow' nationalization, to extract much of the profit).

Interestingly, the US$ over the period of rapidly increasing US debt (let's say last 20 years or so?) seems to have been relatively stable against the Euro. Maybe varying from the low of .60s in summer of 2008 to a high of about 1.00 in fall of 2022. But it's been reliably in the mid-70s to low-90s over all those years for the vast majority of the time, with a few peaks and troughs, but that's not a particularly high variance.