Good thing omicron appears to not be effecting the lungs as much. Death is only one outcome but improvements in death rates require an underlying mechanism which can impact those other consequences too. To your point, you shouldn't look at one piece of data in isolation but you also don't have to assume the worst case either; it is possible that things are getting better.

https://www.researchsquare.com/article/rs-1211792/v1