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"devaluation of" is a correct and usable phrase in written English.
It is often used to describe a decrease in the value or worth of something. Example: The devaluation of the currency caused a sharp increase in prices for imported goods.
Exact(57)
But, get this: the devaluation of music has also devalued the listener.
Devaluation of the franc.
This is a devaluation of human thought.
The devaluation of the piastre dried up the money market.
It is devaluation of the person that he fights with.
Then, came the devaluation of the ruble in 1998.
Other countries began to fear a devaluation of the dollar.
That devaluation of the feminine still poisons us".
De Gaulle's bold devaluation of the franc raised its value.
Japan's devaluation of the yen is "sound policy," she said.
A rapid devaluation of the dollar is unlikely anytime soon.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com