Covid for vaccinated people has a very comparable IFR to flu now.
Originally covid was thought to have an IFR of 0.5-1%.
Vaccines appear to be over 90% effective against death. Maybe they will be less effective against omicron but we don't know that yet and omicron may have a lower IFR anyway.
So with vaccines you are looking at an IFR of 0.1-0.2%. That is broadly consistent with the numbers dying against reported cases.
The IFR may be higher in unvaccinated people but these people are more likely to be young, in which case the IFR of covid is much lower anyway.
Covid is more infectious but then flu infects c.20% people per year, many of whom are asymptomatic.
So I think they are much more comparable than they were.
But that said, I couldn't begin to guess how long restrictions will go on for and how often they will come back as that's really a political and social question. The public seem to have broadly accepted these measures and I can imagine there being reasonable support for another lockdown if the government whipped up sufficient fear.
I think measures which aim to reduce transmission of such an infectious virus and, in particular lockdowns, are a completely insane, damaging, inefficient and cruel way to manage hospital capacity on an ongoing basis (we could, for example, increase hospital capacity instead and we could have started doing that 20 months ago) but they seem to be increasingly accepted as a normal "sensible" thing to do .
Trying to prevent people spreading any illnesses between each other on an ongoing basis could be very damaging. We've already seen young children's immunity affected by all these measures. If we go on with that approach indefinitely, normal illnesses like flu and colds come become much more dangerous. And then you need more restrictions to reduce transmission of these illnesses and you are stuck in a cycle of restrictions.
If omicron is actually going to infect 1m a day (and I'll believe that when I see it) there probably is an end in sight though, at least until the next variant. Alternatively, if the money really does run out and once people start to see the economic impact of spending £320bn on delaying the time at which people catch covid by a few months maybe that will be the end of it.