Can this option-selling strategy work in the long run?

This is a covered call and "cash"-secured puts strategy:

1. (CC) Have half of the portfolio in liquid well-diversified large-cap ETFs like QQQ/SPY, and write calls on them. Then, to avoid tax consequences of selling the ETF, always roll the call up (increase strike) and out (higher DTE) for a net credit, and minimize early assignment risks by having at least a month out if it is already in-the-money.
2. (CSP) Have the other half of the portfolio in SGOV, and write puts on the ETF using SGOV as collateral, to the extent allowed from the buying power granted by the broker from the SGOV. On the put side, write puts, and unless the price is deemed "attractive" and assignment is okay, roll the puts down (decrease strike) and out (higher DTE) when the ETF falls.

The main idea of the strategy can be summarized as taking advantage of the upward-trending markets, making premium money on one side (usually short puts), and then recouping the losses from the other side (usually short calls) when the market inevitably reverses in the future. This strategy takes advantage of the indefinite investment horizon of a retail investor, who doesn't have performance pressure of short-term liquidity needs, so that the investor is able to wait and hold the option, which isn't a luxury always available to professional traders and institutional players.

The choice of QQQ/SPY is important, due to the liquidity of the option market, so that there are both more expiry dates and horizons to choose from.

I have been doing this for almost a year by now, and my experience has been that it's easy to get the puts out of water (recover losses) than the calls, given the stock market trends upwards in general. During times of strong upward trends such as June – Oct of last year, or the last few weeks, calls become severely underwater and I had to roll out quite far (~six months out). Consequently, I have been "betting against myself", by selling in-the-money puts, so that I get compensated if the market continues to trend upwards, and will at least have some alleviation from the short calls if the market falls.

The reasoning for selling calls is that the market will have a downturn (the return for the entire year is negative) once every a couple of years, and the rent income from calls, together with the impact on the call price from the downturn, "should" compensate for the losses suffered earlier from the calls.

The reasoning for selling puts is that the market tends to go up over time, and during times of severe downturns, SGOV can be liquidated to obtain additional buying power to sell "emergency" puts with the intention of being assigned and buy low.

Another reason for selling options in general, is that it's hard to make money buying options, so there should be an edge on the other side, if the other side has the sophistication to manage risks. Given that I'm not a market-maker and doesn't do hedging (which is costly), I simply wait as, what a retail investor often does. Additionally, there is a tiny tiny natural hedge between short calls and short puts.

I see an argument to be made that the number of ETFs in the portfolio can only increase, given that I'm not selling the ETFs. The response: I will start selling when I inevitably lose my job and become unemployed sometime in the future, so that I can take advantage of the 0% long-term capital gains tax (assuming the tax code doesn't change).

My question is – is this sustainable, and are there other risks that I haven't considered?