That depends on your perspective:

Suppose I wanted you to invest in my lemonade stand. We earned $10,000 per year. I was willing to sell you 50% of shares for $10,000....that would be a P/E of 2:1. So, in theory, if all those earnings were divided out to investors you would recoup your investment back in 2 years. This implies a 50% per year dividend.

A P/E of 50, likewise implies your dividends will equal your principal in 50 years...thus it is a 2% implied dividend.

So from a perspective of "implied dividend", investing in a company paying only 2% yearly dividends in a high inflation environment is terrible.

Sure in nominal terms.