VERY VERY true!!! This nails it. Let's say that "only" 43% exposure is needed to reach herd immunity (that's a number I've seen in many medical articles). That would be true because COVID-19 has a smaller reproductive rate (R-naught) than, say, the measles (or polio when it was rampant). However, that just speaks to how many people each infected person might infect themselves. That doesn't speak to how easily it does spread between those two people, which is quite efficiently. It also doesn't speak to the idea that we cannot determine by looking who has been infected until they actually show symptoms and/or are tested with a positive result.
That said, if we let natural herd immunity take effect, we would need 43% infected (that is exposed with OR without any symptoms). It's a crapshoot in some sectors of society as to who will become ill and who will not. We absolutely MUST treat this disease as if anyone contracting the virus will become ill and sadly has a chance to die, even if the death rate ranges between 1.5-3.5%. So do the math to determine what the possible fatality number would be if we let 40% become exposed without mitigation. Sure, the fatality/case ration would likely go down quite a bit. However, with 43% exposure and even 1% fatality/case ratio, that's a horrific number of deaths.
Thus we need a vaccine. I've seen that "only 43%" thrown around in other places and it is usually from those who are opposed to vaccines. It's true that many will be exposed without ever showing symptoms or even getting tested and develop immunity. But that's a LARGE, CRAZY number of people to risk in order to achieve the number needed for natural herd immunity. We're talking crimes against humanity.
Now, as far as other plagues and the Spanish Flu, there was just less mobility as
@AEfx said. A disease could run through an individual community and eventually burn out much easier because there wasn't quite as much inter-community spread. It was there and the return from WWI kicked the SF'18 into a horrible second wave. But heck we didn't even have the interstate system yet.