High yield vs. Bond

High yield what? Your question is not tax-related but:

Bonds are not yielding 1-3% interest currently (see the links below).

https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&field_tdr_date_value=2024

https://treasurydirect.gov/marketable-securities/treasury-bonds/

There are entire books written about investment strategies.  This is not the place.  But your comparison is apples to oranges.  The average yield of even a high yield savings account over the past 10 years is probably well under 2%, because interest rates and inflation were very low for a long time.  You can't compare a 10 year average performance of a bond fund with the current savings account interest rate.  

Also, the performance of a bond fund has very little to do with the yield of any specific bond.  It also depends on price changes of the bonds, which depends on various market forces.

A bond fund spreads out the risk.  A well managed fund will earn more money over time than a savings account.  The trick is to find that well managed fund.  If 2015-2021 were slow years for bond funds, look for the fund that made 3% instead of 2%.