This is extremely misleading and no one should be using bond funds as a checking/savings account replacement. You have mark to market and liquidity risk here which in normal circumstances you do not have with a savings/checking account.
Additionally, Robinhood is reportedly investing proceeds in US Treasuries. US Treasuries have a completely different risk profile than corporate investment grade bonds.
With the important difference that money market accounts should never lose principle (aka "breaking the buck"). It has happened, but its fairly uncommon.
Bond funds, however, frequently can and do lose value - if interest goes up, price goes down (the reverse should also be true, though).
