You're being paid 12.3% to absorb price risk. Only ~12.3% of it is real fees — and they stop covering impermanent loss if MPT-SUSDE diverges more than ±185%.
Real fee/staking yield: 12.3% · token emissions: 0% of the headline.
Break-even fact: a ±185% move in MPT-SUSDE erases a full year of the fees you actually keep (~12.3%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.