I think the rough market consensus at the moment is as you state it - this is a natural disaster which will be over soon. That is a possible outcome at this point, but a second wave in the US for example would have significant impacts and cause entire industries to fall into bankruptcy - wiping out shareholders and leading to significant second-order effects on other industries and supply chains, plus causing a consumer-led recession. It seems increasingly unlikely to me that this will be over as soon as you expect. Just to pick one example - that 20-30% unemployment will not go away quickly if this is not over in the next month or two for the US and those people rehired. Companies will not rehire unless they are certain it is over.

Current recession doesn't have implications 5 years into the future

Remind me in 5 years! I don't think it will impact behaviour massively in 5 years, but I do think there is a danger this recession could trigger significant other events which have impact for more than a few years - for example unrest in the middle east after 2008 led to regime change in many countries, and ongoing war in Libya. Economic depression, unrest and wars are a common occurrence after smaller crises than this one.

When people say the market is irrational it is more to point out that the market valuation swings about the future expected returns quite wildly - for example if what you say is true, the market should not have crashed quite so strongly when coronavirus first spread then bounced back quickly again, but it did, because people panic. It does the same in the opposite direction based on incomplete or incorrect information about drugs/vaccines. There's a nice graph in the above book of the expected return from stocks (pretty much a straight line up and to the right, with small bumps on the way), and stock market valuations (massive swings around the expected return based on sentiment in that moment).