If Covid were a little more deadly, we would not have any of these arguments. As it is, the amount of deaths it would cause is right on the cusp of what most people consider an amount we could live with. The demographic of those it would kill is also more palatable to a large proportion of people than if it affected younger adults, or god forbid, children.
So, the amount of deaths this would cause if left unchecked is right on the brink of what the general public consider acceptable losses, with some falling on either side.
For me, it's not about the amount of deaths, but the thought of having no health service whatsoever for a period of several months. You can argue all you like about what services have been cancelled, whether they should have been, whether they were cancelled for too long, etc, but I think it's pretty non-controversial outside the most uninformed opinions that if we had not locked down, we would have overrun our health service.
At the same time, I have absolute sympathy for those on the sharp edge of mitigation strategies like lockdowns. As per usual, it's the most vulnerable that suffer, whatever happens.
There are no good solutions here. Either path ends in misery for huge swathes of people. All ways involve great economic harm. All paths have a negative effect on educational outcomes.
That being said, I think we have to make the effort to TRY to save lives and protect as many people as possible. Imagine if we went for the "Let it rip" option, at the cost of tens of thousands of lives and livelihoods, and then, just as the cases were dropping, a vaccine came out. We can't live like this forever, but we could maybe, just about, most of us, manage it for another four or five months.
Then when we come out the other side, we need to rebuild and invest, and never go back to othering those on benefits and disability allowance again. Because now we know it could be any one of us. We need to look after those who have suffered because of this, remember how we need to invest in education and mental health care and the NHS and make sure we vote in people who will take care of the victims of this pandemic, both economic and physical.
(Oh... and since I haven't read the entire thread, just the OPs posts, I'm presuming lots of people have mentioned exponential growth? )