Indeed, you buy up time to get more medical supplies or figure out more effective treatments. For example, China is now getting over it, but is still producing ridiculous amounts of medical equipment, which will soon get delivered across the world -- even if you must have a peak, you want that peak to be after you get this equipment, not before.

I think the development of a vaccine in a few months is unlikely. I think however the identification of somewhat effective antivirals in a few months is probable. There are already two antiviral candidates in trials, which are simpler to run than vaccine trials: remdesivir and lopinavir+ritonavir. Also, "transmitted immunity" is being (re)developed:

https://www.nbcnews.com/health/health-care/doctors-push-trea...

Antivirals won't stop the outbreak but they could save thousands of lives.

Dead on, the vaccine will just be a novelty, this will be over by then after 70-90% of the population has caught it and is mostly immune to it or dead.

the problem is that because it takes a year or two to get a vaccine out that this will all be over unless it mutates into something completely different.