Wheel strategy: genuinely solid income approach, or a way to slowly get assigned into stocks you don

I've seen the Wheel presented as a near risk-free income machine, especially in bull markets. Sell CSP, collect premium, get assigned, sell covered calls, repeat But here's what nobody talks about: in a real drawdown, you end up bag-holding shares you bought at inflated strikes while selling calls too low to make it worth it. The "income" disappears and you're just a reluctant long-term holder It works - until it doesn't. And the conditions where it stops working are exactly the conditions when you most want your capital free. Am I being too harsh? Or is this an underappreciated risk of a strategy that gets way too much praise on beginner forums?