There's been consistent - IMO unprofessional - confusion between Case Fatality Ratio and Population Mortality.

The >1% numbers are all CFRs, calculated from diagnosed cases. They don't account for people with no symptoms, or those who aren't tested.

It's very hard to estimate unmodified population mortality, because the real numbers are lowered by quarantine measures and health care.

But real population mortality seems set to be well under 1%, with the bulk of deaths among the over the 60s, heavily skewed to the over 80s.

That's hardly trivial, but it's a long way off the 240 million who would die if the population mortality really were around 3%.

Note that diagnosis of the Spanish flu would also not have been complete. Actually, it was almost certainly worse; I don't believe they then had much of a test beyond "do they have the classic symptoms".