Youre right, it wont hurt everyone’s savings. Many people earn much more than they spend, so they should be fine. Youre lucky to be one of them. But for most people, savings are not locked away growing indefinitely. They use their savings now and then for some bigger expenses, like replacing appliances, repairs for your car/house/apartment, etc. When your savings grow at a slower rate between expenses and those expenses get more expensive, thats definitely hurting your savings.
Hurting your savings doesnt only mean that the number on your bank account is getting lower. Maybe you need a certain amount at a certain time, like college expenses for your child, or for your pension. If you cant reach that amount anymore because your saving rate keeps falling, I would definitely call that hurting your savings.