Correct. But it is so much more contagious than Delta and the vaccines are not holding, even though it is a milder disease compared to Delta.
There is some evidence that the vaccines are not at all effective against omicron. The theory is that the omicron spike protein in omicron is so mutated it is unrecognizable by the vaccine induced antibodies. Yes it is more contagious, and seemingly escapes vaccine immunity. It seems to be less lethal but with cases at 3x what they were with previous variants how much less lethal must it be for deaths to not rise? We are seeing a very high death rate right now and honestly, it may be lower in proportion to cases but I can’t predict it will be going down in short order. Soon I hope, but probably not very soon. Deaths will will lag cases by several weeks at least.