There's two major metrics to measure the severeness: the mortality rate and the infection rate. I think that "we haven't had the level of death we had in 1918 so the pandemic is less severe" ignores the fact that COVID-19 is far more infectious and therefore in a sense more severe since it will be awfully hard to get rid of for that reason (if we can indeed never get rid of it the number of deaths will keep growing, so might eventually catch up)