Yeah I get the argument, but it's overplayed. Demand for dollars has more to do with investment in the United States than it does with use as a reserve currency. The US was and is by far the best place to invest in the world for a multitude of reasons.
“Demand for dollars has more to do with investment in the United States than it does with use as a reserve currency.”
The magnitude of foreign exchange transactions and the demand for dollars that goes with it dwarfs the other demand for dollars.
The magnitude of foreign investment in the USA is on the order of $500 billion per year.
Foreign exchange reserves held as the dollar are on the order of 7 trillion.
https://en.wikipedia.org/wiki/List_of_countries_by_foreign-exchange_reserves
Total Eurodollar lending outside the USA is on the order of 13 trillion.
Foreign exchange transactions are 7 trillion PER DAY. With 88 percent using the US dollar.
https://www.bis.org/statistics/rpfx22_fx_annex.pdf