Is devaluing the dollar to bring back manufacturing not feasible?

I am not an economist but I do love economics and have self studied as much as I can, I am wondering, without getting political, but is there a way to maintain the US reserve currency status while “devaluing” the dollar to bring manufacturing back?

My understanding is that as the world reserve currency your primary export is currency because every one needs it to transact amongst themselves globally.

The high demand for your currency relative to other currencies then makes it strong relatively speaking, which by definition makes imports of finished goods “cheaper”

This creates imbalance in trade but that would be settled by foreign holders of dollars investing in US treasuries and equities. For the global investors their returns are amplified in US instruments compared to investing in their local currency since it is continuously devaluing against dollars (by nature of US dollar reserve status)

Petro dollar and US treasuries as prime collateral for global banks reinforces the dollar reserve status.

Is my understanding correct for the above? If so how can the dollar be devalued in an effort to make exports “competitive” in this scenario? It seems to be fundamentally against the case for reserve currency status, is that correct?

Would there have to be an unwind in dollar reserve status to “devalue” it? Wouldn’t that cause a flood of euro dollars returning home that would essentially hyper-inflate the system? I understand Brent Johnson argues against this but I’m not sure I buy his argument 100%

I appreciate your civil discourse in advance