US equity funds had about $11B withdrawn while global money market funds took in $46B. Is cash really competing with stocks again?

In the week ended September 2, around $11 billion was withdrawn from US equity funds, while global money market funds took in around $46 billion. I’m also not sure if the money withdrawn from stocks was moved directly into cash or not. Does this really change how long-term investors allocate their money? Because I feel like holding cash right now is also not bad when it currently can still give a pretty decent return without taking as much risk as stocks, while stock valuations right now are also quite high. At what point does holding extra cash because yields are attractive stop being “market timing” and become a reasonable allocation decision?