I kind of agree with your sentiment and there are various strategies that will work. Buy and hold usually has worked but one needs time and patience. For me, bonds are suppose to be the *safe* part of the portfolio. In 2008 stocks were tanking and who wants to have some of their FI tank too? Not me anyway. And I was holding TIPS and did have to be patient but it was very upsetting. Also, note that the VIPSX fund did not just hold long dated TIPS and had an average duration of intermediate (not long) bonds -- a similar duration to that VFITX Intermediate Treasury fund.
I don't want to go through and 2008 again. As we retirees get older, we do not necessarily have decades to recover. The next decade is really important to me. I'm not planning on kicking up my heals in my 80's
. So "temporary" declines of unknown durations can become a planning nightmare. The 1930's are an excellent example of that sort of scenario.
So that is why my FI will be in safe bonds like Treasuries. But I'm playing it kind of close by only going to those when the yield curve starts to flatten with the consequent systemic stress to business. Kind of a bit of having your cake and eating it too. Hope it works.