Well the very few people who are ending up in hospital from this so far are largely (not all) unvaccinated.Omicron is literally a cold.
So no, it's not 'just a cold'. But for people who are generally healthy (whether vaccinated or not), vaccinated or have natural immunity (or both), it is much more like a cold, yes. Which was my whole point, there's lots of factors in why it is weaker. But the evidence suggests it isn't just that it's become milder because COVID decided to be nice, it's that there's a combination of things that have made it milder.