scalability – Can Bitcoin scale through bitcoin-backed bank notes without being co-opted by trusted third parties?

I’ve been listening to Saifedean Ammous speak on Bitcoin scaling. Because of future costs to transact on-chain, he suggests Bitcoin may end up scaling primarily through banks- for example, Venmo/Paypal/etc built on top of Bitcoin.

If most normal users cannot afford to transact on-chain one day and have to use trusted second layers, it seems that the only value proposition left for Bitcoin would be a fixed supply and emission schedule. However, the censorship resistance, ability to verify transactions with a full node, etc. will be out of reach for most people. And without those crucial elements, I don’t see what could stop central banks from censoring and printing money again.