It's still making a large portion of the people who aren't dying
extremely ill.
I think one of the biggest public health communication disasters of covid19 is the reliance on mortality as the communication endpoint.
It's acceptable for other threats-- like automotive accidents-- to speak in terms of mortality because there isn't a huge population which is much less exposed to dying but still exposed to serious illness. Automotive accidents also seriously injure many more people than they kill, but not in a way that lends itself to a false impression of immunity.
"Death" makes a nice clear warning for the risks of driving, and other very bad but not death outcomes are just some factor of the death outcomes... it isn't like the audience is comparing death rates to population numbers then deciding that the death from driving isn't worth worrying about just because we didn't also include maimed-for-life.
For covid19 we've ended up making many 20 and 30 year olds believe that it doesn't threaten them. It does. They may not be dying in especially large numbers-- especially where either hospitals are not overloaded or where they're engaging in the ethically dubious practice of triaging younger people ahead of others based purely on their age rather than, e.g. response to treatment--, but they are still becoming seriously and painfully ill and ending up with severe immune system damage -- which takes a long time will recover and will result in latent mortality --, and for many likely lifelong injury in the form of extensive lung scaring.
Infections like influenza are much less contagious-- with an R0 of 1.3 vs 2 to 3 (an enormous difference)--, less deadly, face a population which is at least somewhat resistant (in part due to heroic vaccination efforts) and which knows how to rapidly create new and effective vaccines against it. It's not really that comparable.