If you take a loan against your larger capital pool, inflation helps you (to the extent it wasn't incorporated in higher lending costs).
But yeah that's a second order effect. There aren't really any scenarios where you have a fixed nominal tax that can be deferred without locking up the money, so I think you're mostly right that it comes back to lower tax rate and step-up.
But yeah that's a second order effect. There aren't really any scenarios where you have a fixed nominal tax that can be deferred without locking up the money, so I think you're mostly right that it comes back to lower tax rate and step-up.