Fine, we believe that you believe it's not a hoax.
But calling it a manufactured mass hysteria/delusion is just as absurd and conspiratorial. Was AIDS a manufactured mass hysteria in the '80s? People are rightly concerned about COVID because it is relatively new, we don't have super great ways to treat it yet, and in addition to being deadly, there is good evidence of lasting health impact to people who survive it. It doesn't sound like you're denying the disease, but you are downplaying it.
The public health guidance isn't just about protecting a handful of "elderly, unhealthy, immunocompromised people." People in all age groups, with and without pre-existing co-morbidities are getting the disease and dying of it--albeit in smaller numbers. And if not, they're spreading it to people who are dying of it. Even if we just for simplicity's sake, pretend that only the "elderly, unhealthy, immunocompromised people" are literally the only people who are at risk from it: you still need to have everyone observe the same precautions, or you risk infecting the at-risk group.
If this were like seatbelt wearing, I'd be totally on your side. If someone chooses to put their own life at risk, fine, it’s their life and their body. But it's not like that with a highly contagious disease. People's personal choices are having a direct effect on other people's health. Your right to do something personally risky should end when it puts others at risk. There's a reason we don't let people fire guns around randomly as long as they don't happen to hit others.
The economic hardships are temporary. You can't bring people back from the dead and you can't (as far as we know now) reverse the long-term damage done to survivors.