If you look up the Black Death and various other pandemics throughout history, it'll put this in context a little. Although uring the Black Death people didn't knock about the planet in aeroplanes, obviously, or travel as far to get to work. Many people never even left their village which probably saved at least one wider locality (look up Eyam if you've not heard of it already).
Or even look at the figures for the 1918 flu which is arguably a bit more comparable.
What we have got, this time round, is much better knowledge of science and hygiene overall, clean water, and some countries, overall, started from a position of relative health, wealth and fitness. Plus the whole communications system. Though that's turning out to be a double-edged sword.
That's not to say that there aren't millions of individuals who are going to be affected in ways we can't see yet by this. I know you can't have an economy without an ecology, and it's encouraging to see the environment recovering a little, even if it will probably only be temporary, but the effects on our modern civilisation overall are likely to be beyond grim. Though in the long term humanity is astonishingly resilient.
Now that COVID-19 has reached poorer countries in the Southern Hemisphere, though, their health systems are likely to be overwhelmed. And many of them are already starting from a position of malnutrition and utter poverty.
So I don't think we'll look back and see it as an over-reaction; I think we'll look back and wish we'd taken action sooner than we did. We'll certainly wish, in the UK, US, and Australia in particular (though other places too) that our politicians had listened to the scientists and medics more and to spin doctors and charlatans a little less. And I can't help feeling we're just lucky this round didn't coincide with winter flu.