You're being paid 23.6% to absorb price risk. Only ~23.6% of it is real fees — and they stop covering impermanent loss if AAVE-USDC diverges more than ±363%.
Real fee/staking yield: 23.6% · token emissions: 0% of the headline.
Break-even fact: a ±363% move in AAVE-USDC erases a full year of the fees you actually keep (~23.6%). 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.