Indeed, if we cannot contain the virus, there are many more deaths waiting to happen, and the NHS capacity only afford us a chance to save those that are really bad cases, but not beyond hope. How many that is is highly speculative.
To my mind, I agree, we need to try and keep the lockdown going, but that is from a scientific point of view. The social impacts also have to be managed, and this might be part of the mild loosening of restrictions.
That said, at some point, we have to conduct the grand experiment - loosening the restraint in order to measure the effects. If we are lucky, we might learn from other nations, and effectively allow them to be guinea pigs. It sounds a little harsh, but anybody coming out of lockdown is going to be a guinea pig right now.
If we implement too many loosening measures, it will be hard to identify which measures made the difference. So it's going to be a long process of test and measure.
The chances are (imo), that we will hit a point where the rate starts to increase and we have to rewind a little. It wont be a case of progressive loosening without a single backward step - that would be too much to ask for.
But as it stands, without 't a vaccine or medicine to aid recovery, it won't be over until we reach herd immunity, albeit slowly.