Yes it is very much the ratio of hospitalisation/death to cases that has changed and I am not sure that the graph that @NannyAndJohn (being in the log scale) highlights that point.
So I agree I think the ratio has dropped immensely so that far less cases lead to hospitalisation and ultimately death has changed. And that is what Sunshinegirls charts have shown.
But was hasn't changed (and will never change) is that the rise is cases will directly link to a rise in hospitalisations and that is what NannyandJohn chart has shown. So ultimately both will rise at the same rate.
What the FT times chart doesnt show is that even though the increase is the same (as it would be) the numbers are less. At least I think that is right I find log scales far more confusing to read than linear given that it is relative rather than absolute! But it makes sense that if you have a 20% increase in cases you will get a 20% increase in people needing to go to hospitial. Which is what that shows.
The difference now is that before it was 10% of cases that needed to do to hospital rather than 2% so the numbers are smaller.
Quite prepared though to be wrong!