peridito - It increased the chance of you not catching omicron yes, and therefore not getting seriously ill, but it had no extra protection to getting seriously ill, so once it wanes you'll still be protected against serious illness, you'll just be no longer protected from a mild one.
I think I also disagree with "significantly increased", 70% effectiveness at best for risk reduction of infection is not that high with current prevalence, it's certainly not high enough for a socialite who visits pubs/restaurants/etc.