I'm not seeing any information that matches that. Waves in successive years were just as deadly as the first and in some localities, worse. There are no recordings of any further waves of that H1N1 flu outbreak after 1920.
Interestingly, there is information that suggests this bug to cause that pandemic originated in China as well, although it was an influenza virus and not a coronavirus.
Three waves. That was it as far as overwhelming deaths from Spanish flu.
I was replying sarcastically to someone making outlandish projections about COVID-19 killing the same number of people every year for 15 years.
https://www.cdc.gov/flu/pandemic-resources/1918-commemoration/milestone-infographic.htm