If the current metrics, economic measures taken, and politicians' statements are any indications, the "corona panic" may as well waste far more life than the worst case unchecked virus epidemic could versus the slowed-down epidemic that will happen anyway.
I agree with your sentiment if “wasting life” is taken to mean long lasting negative impact and loss of momentum in people’s lives. This is happening already, to my friends.
Now that events are cancelled and local businesses cease spending on ads, local media outlets will also start hurting. First local newspapers, then radio, eventually TV.
The alt-weeklies in Seattle and Portland have already furloughed a lot of staff and ceased print publication.
The economy is a vast web that just had a bowling ball dropped on it.