There's clear evidence this is not health theater. The evidence is places that waited to shut down had much larger outbreaks than they would have had otherwise. See for example New Orleans and Mardi gras.
Sweden is past their peaks like many other areas, all while retaining their liberties and economic vigor, and domestically their approach has been very popular (see https://www.dailymail.co.uk/news/article-8257353/Swedens-vir...). There’s a value to retaining some degree of normalcy and individual liberties, and it is not reasonable to claim that saving lives is automatically more valuable. As far as trade offs go, I think they’re doing a fine job, although I realize that’s a personal assessment. But leaving Sweden aside, others like Denmark are also taking a nuanced and thoughtful approach, rather than simply banning everything - see https://www.bbc.com/news/world-europe-52226763.