"Sorta, but not really. Debt is a type of mutual bet made by the investor/banker and the beneficiary that the value of the assets purchased by the debt will exceed the value of the money the debt reflects. And most of the time, it works out, and everybody wins!"
Buzz. Wrong. Actually, that's mostly not how it works. But it's a wonderful fantasy. To say that everybody wins, is a dangerous definition of "everybody".
The problem with debt is that pervasive use of debt actually drives up the price of assets and is disastrous for non-debtors, which in turn forces more and more people into the hands of the banks.
In literally every area of he economy where debt is employed, prices inflate and affordability is reduced.
Take education: it is government "affordability" policies and readily available debt that are responsible for soaring costs. Take housing: without debt it would be affordable.
Of course, you could say that homeowners and bankers have both benefited. (If that's your definition of "everybody"). But the availability of debt has destroyed the buying power of any party not willing to more themselves in debt. The pervasive use of debt is what drives prices to levels of unaffordability.