COVID-19 has infected a fairly small amount of population with a statistically higher death rate than other viruses, yes. However, it's just warming up.
Humans don't have a direct immunity yet since it's brand spanking new, having just made the jump from animals to humans. Yawn, we see that every year with bird flu. However COVID-19 has had the necessary mutation to jump easily from human to human, and the particular type of mutation is similar to the one found in HIV and Ebola. And we know how aggressively those can spread.
COVID-19 is very similar, genetically, to SARS and MERS. However COVID-19 spreading like kudzu, and in 53 days number of people infected was more than all people infected with SARS.
COVID-19 isn't the Andromeda strain. Right now it's not the Spanish flu. However we're only 4 months in and it's still mutating and spreading. It could get nastier very, very easily.
Back in the early 2000s I saw an article about SARS near the end of its spread. A scientist was quoted as saying that SARS was Mother Nature giving us a test run for stopping a global pandemic (the fear then was bird flu or swine flu from China) and we failed miserably. At a guess from how COVID-19 is spreading, scientists really didn't learn much about spread prevention, which is pretty surprising since there's been other serious viruses spread globally, so time to refine any lessons learned.
Personally I don't think that we are going to be all but wiped out. I do think it's going to be nasty, but the worst are going to be the usual populations - children and elderly and immune compromised. Those who are in decent shape will fare worse than with flus and colds but better proportionally than the population ratios for cold and flu complications.
On a side note, I'm surprised that I'm still seeing commercials on TV for immune suppressants for pretty general conditions like ezcema and chronic diarrhea and (non-rheumatoid) arthritis. I'd have thought that suppressing the immune system would be the last thing people want to do when something like this comes out.