Recently, I saw a bunch of yield aggregators posting APY rates again.

Honestly, my first reaction to high yields now isn't "making money," but "where exactly is this yield coming from?"
Who holds the contract permissions, do strategies need to frequently switch pools, how fragile are the liquidation lines on the underlying lending side, and the most annoying counterparty: you might think it's an on-chain automated process, but the key step could actually be a team or market maker covering the risk; if they can't cover it, everyone shuts down together.

By the way, I’m quite slow to realize this: recently, there's been talk about increasing taxes or tightening/relaxing compliance in certain regions.
At first, I didn't feel much, but after a couple of days, I saw people in the group asking whether depositing or withdrawing funds would become more troublesome, and I finally realized that everyone's mindset has shifted—
the less certain things are, the more they chase "seemingly stable" high yields... and that makes it easier to overlook contract and counterparty risks.

My own approach isn't clever either: if I don't understand it, I just pretend it doesn't exist, keep my position small, and prefer to earn less rather than become a bagholder.
That's how I'll start.