Early in the pandemic it was my understanding that many of the precautions were not necessarily to reduce the death rate, but to buy time for a vaccine or other preventive measures to be developed so that the health system would not be overloaded with a surge of illness and death. I recall photos of refrigerated semis behind my local hospital to store the dead. How easy we forget.
I think the philosophy behind vaccines has changed or is changing. At one point there was an expectation that being vaccinated would prevent illnesses. Then came the break through infections and the realization that the absolute protection against illness was short lived without routine boosters. But the vaccines did provide a long term protection against severe illness, hospitalizations, or death. I think that is now the intention of the proposed new FDA guidelines. Less frequent shots for long term protection against severe illness. Plus maybe boosters for high risk populations. Along with a natural immunity from natural infections it seems to be keeping things in check, but it's a mistake to assume people are not dying from covid no matter how you look at it.
If we could just turn back the clock with what we know now, things may have been better or worse, but they probably would have been less restrictive.