Absolutely. This is the future of lending. We are already seeing it to a small degree. The DeFi landscape is covered by mania right now. There is a lot being developed that will provide legitimate use cases beyond just yield farming. Imagine being able to do what you stated with thousands of different tokens to varying degrees. The concept would apply no matter what the token as long as it was traded and had a liquid market (which most do not have at this time).
You really stated the case as to why BTC will not dominate like many thing they will. These types of platforms could be set up for any token. Hence communities could have their own lending platforms.
RE: How the next generation will build wealth and not debt