What place does JEPI/JEPQ hold in a world where Tbills and MUNIS start paying an acceptable coupon?

Hi all I’m a newbie and I would like to understand where does JEPI fit its role in a situation where interest rates have gone up and far safer Fixed Income instruments start paying acceptable yields?

Is JEPI only a decent investment during QE? I want to start adding some income into my portfolio as to diversify my growth portfolio a little bit. Just unsure how stable the yield is on a CC ETF like JEPI

Thanks !