When you compare hospitalization numbers to deaths, around 1 person dies per 100 people who are hospitalized. If this was 1918, that number would be many multiples higher. I'm sure many more people in their 40s/50s/60s who recover after a hospitalization in 2020 would likely have died if this was 1918. And I'm sure there are probably a large number of people today who were able to go to their primary care doctor and get an antibiotic which helped them prevent hospitalization and possible death that might have occurred in 1918.
https://covidtracking.com/data/charts/us-all-key-metrics