Now we have 1/10th that by your estimate. Why wouldn't we be under significantly less strain?
This UK report[1] does show a corrected Hazard Ratio of 0.76 relative to Delta, but more than half of this group seems to have had a previous infection. Not sure what it would look like if you exclude them.
[1]: https://www.imperial.ac.uk/media/imperial-college/medicine/m...
And Omicron is able to reinfect through the recovered/vaccinated population and we're not taking any precautions at all now so the rate of infections is through the roof.
Sir John Bell, regius professor of medicine at Oxford University:
https://www.theguardian.com/world/2021/dec/28/omicron-is-not...
"Omicron is “not the same disease we were seeing a year ago” and high Covid death rates in the UK are “now history”, a leading immunologist has said."
I mean yes, that's still sort of the point.
There's still probably about 10% of the population which is unvaccinated and unexposed. If they all wind up catching Omicron in the next 2-3 months (due to its ability to reinfect and ignore neutralizing antibodies to travel through the population to find those still-vulnerable hosts) then the fraction of them winding up in the hospital will be sufficient to knock over the hospital system again. We didn't have any excess capacity in our medical system when this started, and we have less now.
The population's tolerance for any sort of behavioral changes is low, and the unvaccinated aren't listening to anyone, so the real only remaining lever to pull is recommending boosters to try to provide some level of protection against disease and transmission over the next couple of months in order to flatten the curve yet again.
The modelling estimates that I've read though are that we're at about 90% of the population being exposed (depends somewhat widely on vaccination status and how hard the area was hit by Delta though), so we're just about done with the pandemic. Omicron should mostly finish the job that Delta started of finding all the holdouts and burning through all the dry wood in the population. In the meantime though that last 10% is enough to put the medical system under too much stress again.