Longtime lurker here, retired AF physician.
One thing to keep in mind that I don’t see getting much discussion: the measures being used are intended to “blunt the curve”, not actually stop the disease from ultimately spreading at this point. It may be true the OVERALL death rate will prove to be 1% (or 10% or 0.1%) but that’s in an area/situation with reasonably available and comprehensive health care. The fear is the infection rate goes up WAY beyond that, at least in certain areas, because many get ill at about the same time and the resources are greatly exceeded. Then the death rate can go up tremendously - and all of those “excess deaths” would be, more or less by definition, preventable. Italy’s experience was a game-changer here, if you look back at how the world responded, because of that. And Italy does have very good health care, especially in the north (Italy’s life expectancy is 3 1/2 years longer than the US; they’re ranked 5th, to our 35th. Yes, they have an older population, so they’re hit harder - but it’s because they live longer, due to things which include a good healthcare system).
We aren’t trying to “wait out” the virus like some kind of hurricane that just goes away: this is here to stay, like the flu, and we will have “Covid seasons” and deaths from it every year, just like the flu. But right now we have unknown but apparently limited herd immunity because it’s novel, so there are not any “natural” control rods, which means the social distancing, etc. are the only proven tool at the moment to blunt the curve.
Again, it’s about the curve at this point - not whether or not it’s overall more or less deadly than this or that.