It would lessen the effect of the disease, but don’t underestimate its ability to bounce back.
The history of pandemics is that once they take hold, they recur in regular cycles for at least a generation after the first wave. The only major pandemic in history that didn’t do this is the Flu Pandemic of 1918, and that’s because Flu is an endemic disease anyway.
That said: we should consider ourselves lucky. By this point in the history of most pandemics, the death toll is in the hundreds of thousands, if not millions. It sounds bizarre, but we are fortunate that Coronavirus is so mild in comparison to most killer diseases. Any death is sad, but a 1% death rate is a hell of a lot better than a 30% death rate - especially in today’s overcrowded world.
But we shouldn’t be complacent. Stay safe people - and be careful out there.