Does the Same Logic Apply to American Put Options on High-Yield Crypto Assets?

Yes, the logic is reinforced for American put options on high-yield crypto assets (e.g. those with high staking rewards). Early exercise of the put would mean selling the underlying asset and receiving cash.

The cash can then be invested at the risk-free rate, which may be lower than the staking yield being forfeited. This forfeiture reduces the incentive for early exercise.