I agree, all bets are off if hyperinflation hits. But, short of that, the threat of losing your job during an extended period of inflation is exactly why you should not put more money then you have to into a single family home. Anyone who's got the cash to spare should really be thinking beyond simply not letting it lose value to high inflation, you need to generate cash flow with it. That kind of inflation, coupled with owning a few rentals should, once all the depreciation and other deductibles are considered, will have you net positive in less time than you think.
Those aren't the right reasons to buy a house. Buy a house only if you need one. Then only buy a house you like or one that at least has one or two features that you like. Those rules hold in good or bad housing markets, imo. Nice job on saving 110k. Maybe you could put 80-90k down and hold 20-30k back if that leaves you with a doable payment. Twenty grand in the bank helps take a little stress off, its worth it.