Why COVID is still more dangerous than seasonal flu?

Since the time when COVID first hit us in 2020, the virus has evolved significantly.  During the second coronavirus wave, the delta variant claimed several lives and left a large population in distress. But following vaccination new emerging variants like the Omicron are causing less severe infections and more manageable symptoms. And many are of the view that now, COVID has become more like the seasonal flu. But the question is whether this assumption is actually true.