Malaria isn't really a fair comparison either. Malaria is a protist with a very complex lifecycle, which means single antigen immunity which works for most viruses doesn't work for malaria at all.
We have a lot of expertise in developing vaccines for viruses, and it's very early in the day to start worrying about what happens if we can't develop one OR find any sort of effective treatment.
But I suppose if we don't manage to find one, and we don't get long term immunity, then we will find a way forward.
I think for a lot of younger people, life will go back to being close to normal, but large gatherings will probably become a lot rarer- we may never go back to the days of massive stadium pop concerts, for example.
Mask wearing in public will become the norm.
For some people, with long term illnesses, life will change a huge amount, unless they are willing to take the risk of catching the virus- for some, it may have to be a trade off.
Life expectancy will probably go down. Older people may have much more limited lives.
I think schools and the NHS will be changed forever.