Well it's not just a cold, it is COVID, it's just that the symptoms are presenting themselves as a cold and aren't the distinguishing features of previous COVID strains such as persistent cough, no smell/taste etc.
Here's a good vid assessing the recent studies (which are being peer reviewed).
@LinekersLegs posted a thread about how this strain of the virus doesn't replicate as much in the lungs and this study appears to back that up.
@Ghost Rider it may also answer your question on why people may still end up in hospital with Omicron complications