The vaccination rate in the vulnerable populations (>65 and etc.) seems to be high enough that the mortality rate to be expected from a “fifth wave” of covid is going to be trivial.
Add to that whatever portion of that population has immunity from already having had covid, etc. At this point covid is not likely to be a significant public health issue.
Early results from the UK and Euro fifth wave seem to be showing that.
Looking back to the last wave, UK was about where they are now on January 1st, at 45K cases/day and rising. On that day they were averaging 560 deaths/day. Today, they are again at 45K cases/day and rising, but deaths are 40/day. That's about a 93% reduction. Even if it's only a 90% reduction, or even 80%, it should be very manageable.
Here in the US, we are not as homogeneous as the UK. We will see some localized/regional outbreaks that will be sensationalized, but should be fine in most areas.