I wouldn't advocate "super-inflated" estimates but within reason, there are long-term benefits if you go about it right.

Where I mostly worked, managers cared about deadlines they could tell to external clients, which they really hated to miss. Early on, I didn't realize that, and gave my best guess. If I guessed the correct median, I was missing it 50% of the time, and managers kept getting mad at me.

So I switched to estimates I could meet 90% of the time, and on the slow 10% I worked extra hours to meet my estimate anyway. Managers were happy. If I told them it would be done by Tuesday, it would be done by Tuesday.

But it had enormous benefits beyond that. In almost 90% of cases, I had free time. Sometimes I'd admit to finishing early, but I also used that time to clean up technical debt, automate the tedious parts of my job, or advance my skills. After a while, I could give estimates as short as my old 50% estimates, and still beat them 90% of the time because I'd made my tasks so much easier. Less technical debt also meant the resulting code was less likely to have bugs.

After a while, it seemed to me that all the other devs were overworked and I had it easy. But management gave me raises, and when they got in a jam, I was the guy they called on to bail them out.

Being reliable is very valuable for the company. Better for you, better for the company. Unrealistic deadlines is bad for everyone involved. Especially for day to day work