Bought some more Aviva prefs yesterday at 120.5p. They now make up 11.5% of my portfolio. Current yield is 7.2%. According to Inflation and price indices - Office for National Statistics (ons.gov.uk) UK inflation is currently 7.3%. So right now they're no better than an inflation hedge (but that's still better than cash). Long-term I expect inflation to be more like ~3%, and on that basis they're pretty cheap.
