Staking can only be profitable if the coin you're staking doesn't end up come crashing down in the end. Let's say, with coin X you're earning 20% more coin X annually from staking. But if ends up crashing down by 50% in a year, then you'd end up in a loss anyway. It's pretty much only worth it if the coin you're staking stays decently stable for a long-period, or if it goes up.

Personally, I see most cryptocurrencies besides bitcoin as short-mid term trades, so staking is not for me. Though I'm personally not a fan of services such as Blockfi, but I'm more likely to lend BTC than to stake altcoins simply because I'm more confident for the long-term value of BTC.

The problem with all these defi projects now is they are calling "savings" as "staking".

But also I suppose the term is not wrong since people are putting up their coins/tokens as a stake to get something else. But yeah, I think they should have used other terms like locking in or vesting instead cause even I was confused before when they did it.

Binance itself finds tons of people "staking" in their own platform, using their Bitcoin to trade for "wrapped" BTC.

You can't. Bitcoin is Proof-of-Work, not Proof-of-Stake. Whoever tells you that you can stake Bitcoin is a liar and whatever platform allows you to do so comes with a risk of loss. I think it's better even to own an altcoin with PoS like ETH rather than owning a pegged artificial Bitcoin with promised staking.