My take away is that, assuming these estimates are accurate, this is really good news. It shows just how small the percentage of people ending up with serious illnesses was during this recent surge. If such a higher percentage of people are being infected and there was barely a blip in hospitalizations and deaths I don't know how this is considered a "public health emergency" anymore.
To me, a public health emergency is something that causes a very high risk of serious illness to a large percentage of the population. It would appear that some combination of vaccination, prior infection and state of the art therapeutics have rendered SARS-CoV-2 a minor inconvenience to the overwhelming majority of people infected.