For example, do the assets that people piled into during financial repression (e.g., stocks with large dividends) suffer when financial repression ends?

Yes, they do.

And that's why Financial Repression will not end so long as the Fed can keep it in place.

Only an irresistible force could cause financial repression to end (something not likely to be encountered by a Fed that can print unlimited amounts of digital cash at whim).

If the Fed enters the market for any asset class, then the Fed sets the price, because it doesn't cost them anything to overpay.

Period.

The Fed can drive up the price of anything (or, by selling/dumping assets, they can drive down the price of anything - gold, for instance).

Financial repression in the current circumstances is permanent.

That is solely in my humble opinion, of course.

In reality, I defer to Yoda - who actually knows a thing or two.

;-)