Looking solely at the P/E at this point in time can be a problem, because last year, or the last trailing 12 months, have been so atypical. Forward P/E's are, of course, made up--based on estimates; but while they are usually optimistic, they might be closer to a normal business cycle than than last year was.
There is still something to be said about your argument on a relative basis. It's not like Covid missed some region or market segment. Just understand that anything looking back only 12 months is looking at quite an anomalous time, which impacts its usefulness. So, if you looked at forward p/e's or longer-term p/e's (e.g. Schiller) and they said something different, then you might rethink your actions.
