Perhaps we will see this next period as an overreaction in hindsight given all the panic still being drummed up? Or it was pre warning what was to come? As you say time will tell.
Nobody knows the answer to that mate.,
But, genetically, the virus now, is pretty much identical to the one which killed, or at least contributed to killing, tens of thousands of people over the course of a few months.
Maybe those tiny genetic differences are enough to mean that if we went back to living our lives how we did pre-pandemic we'd be fine ? But personally I'd want to hear more than a few scientists say it's a "maybe" before we did so.
Chances are, that if we stopped social distancing, threw away our masks, all went back to the office, opened up large indoor events and stopped getting stressed about going to see gran in the care home, then the virus would start to spread again at an exponential rate. and start to take out about 5 to 10% of the weak and infirm that it didn't catch up with last time round.
We've got some reasonable treatments now, and generally have a better idea of what to do with the sick, and what not to do, so the fatality rate per infection might not be so bad, but it seems like a high risk strategy.
At the moment, despite the infection rate growing, there's no indication of any serious ( direct ) effect on public health, so we'll probably keep on tweaking things until hospitalisations start to rise. At that point, pretty much like always, it'll then be a case of deciding what level of hospitalisations and deaths we're willing to accept.