It is bad, but mostly for a certain subset of the population.
The numbers are also heavily skewed. The mortality rate is based on people who have been tested, which is mostly those who have severe symptoms, so it's much lower than the 3-4% we keep seeing.
There is also some scepticism around the death numbers, it seems like some countries are reporting deaths if the person had covid-19 at the time of death (which is pretty likely if they're in a hospital surrounded by infected people) but doesn't necessarily mean that it was covid-19 killed them.
I think we'll start to see a different perspective once mass testing begins in the majority of countries.