With high inflation, would companies that carry a lot of debt do well?

A common saying in my family is to take out a loan because then you pay back that loan with inflated dollars.

With high inflation going on, wouldn't investing in high debt companies be a decent move?

Of course a lot of debt and then people moving away from it can really hurt a company, but I'm looking at like AT&T which holds massive amount of debt. Won't inflation increase prices, but then their debt is going down due to inflation?