It may. But if I look back to the spring, I recall hospitals utterly unable to cope, and significant numbers of deaths following. I'm extremely relieved that we're not following that curve now, but notice that the case loads are still rising steeply, with hospitalisations, ICU admissions and deaths rising proportionately as those cases take their toll. I then also notice reports today of a couple of cases of reinfection where, due to simple lack of data, we do not know whether they are outliers that you would expect with any virus, or a sign that immunity is short lived.
If the latter, and it's not as though the possibility hasn't been signalled for a while, then herd immunity is, by definition, never going to be attainable. And that would mean that "letting it rip", a policy with a devilishly high price on it, wouldn't deliver the results it's proponents suggest as a trade-off.
That has significant impacts for how we consider mental health. Since WWII, this country has not had an endemic, highly transmissible, disease with routinely lethal potential. All my life, life expectancies have risen, and discussions around health and well-being have not had to contend with endemic diseases of the sort that my grandparents generation faced.
It is right to be concerned about the impact of current policy on mental health, and the retreat into a single minded focus on conditions of the body rather than the mind is a disgrace. However, it is not right to act as though it's a one way bet; there will be significant costs as we as a population have to accommodate to changes in the impact our conduct as individuals may have on others, and their's on us.