I think the extreme social distancing we are doing is going to result in flare-ups once people do start getting back together. So, yes, eventually it will result in Herd immunity, but only over a period of many months or years (vs. 1-2 months).
However, in the meantime, we will wreck our economy by trying to flatten the curve.
Just my 2 cents.
My concern is that there seems to be increasing geographic disparity in the per capita infection percentages and in the the infection rates.
The flareups you describe are likely to continue for quite a while, likely driving Dr. “Shutdown” Fauxcy to advocate for a nearly indefinite personal activity restrictions nationwide.