The people who never fully recover are orders of magnitude more expensive than the dead. The latter are a one-time cost in lost productivity and care expenses; the former are an on-going cost. Since we, collectively, are the ones who are going to pay via taxation, we should IMO be a hell of a lot more concerned about COVID’s long-term consequences.

While I don't think you're wrong, in practice I think most people use fatality rates as a proxy that kinda implicitly includes non-fatal harms. How often do people talk about heart disease or obesity in terms of "casualty rates"?