Do you honestly believe that Warren does not understand inflation?
My general point being that even if he's aware and picks some number less than 5% inflation (which is debatable), sitting on a giant cash pile and getting fear paralysis or whatever it is he's waiting on (clearly not a buying opportunity) isn't what a present day champion would do. But thats fine. Just can't expect him to be the past champion he once was.
Also Buffet is old enough to have remembered other "pandemias" and times of volatility. He was there during the hong kong flu of 69. He was around when Polio was a thing. Hes been through Black Monday and 9/11.
Tons of money to be made in volatility. You're using that word in a negative manner. Volatility up is a great thing.
Buffet is well known to play long, big, safe, predictable bets, with recent exception with airlines with bad COVID timing. All this is consistent with his personality and history as an investor.