You are correct that Treasury Inflation-Protected Securities (TIPS) still offer a meaningful, risk-free advantage because they are explicitly designed and government-backed to maintain your purchasing power against inflation.

However, the key difference is that, unlike volatile commodities or equities, TIPS provide stability by adjusting the principal in line with the CPI. They are incredibly appealing to conservative investors, and frankly, they absolutely belong in any well-diversified portfolio to balance risk and provide a safety net against unexpected inflation.