Too much emphasis has been placed on the Case Fatality Rate, but the "with/of" debate is also completely overblown. During the period when the epidemic was at its worst in the UK, more than twice as many people were dying per week as could be expected. That speaks to "of", not "with"; people weren't dying who were going to (soon) anyway. The UK isn't even the more horrific example in terms of excess deaths -- one can, for example, look at New York state to see something similarly horrific, if not more so.
Covid-19 is a serious health crisis by any sensible measure, and it hasn't even ended yet. The UK will be extremely lucky to have kept excess deaths to only tens of thousands. Thus far, I've been relieved to see that case numbers nationally are holding steady or declining over the last month, so it looks like the easing has been judged reasonably well so far. But, even if the disease turns out to be less harmful than feared, there had to be a serious and drastic response to a disease that was novel and seemed deadly. Even now the infection fatality rate for Covid-19 is an order of magnitude greater, at least, than any flu. There has been lots learnt over the last few months, both in terms of better treatment techniques and a better understanding of the risk.
https://www.ft.com/content/a26fbf7e-48f8-11ea-aeb3-955839e06441
https://www.nature.com/articles/d41586-020-01738-2