If you look at teh cases by specimen date, the few days before Christmas were approx three times the level they were running at pre-Omicron.
Assuming they're all Omicron (something of an assumption!) then, if it really is 70% less likely to put you in hospital, then we're back at baseline.
But that 70% was, IIRC, at the optimistic end of the margin of error. And no sign we're peaking.
Eeek.