The "evolve into a cold" hypothesis was more wishful thinking than a sure thing (i.e., pretending the problem would magically go away), which thankly was made possible with the quick turnaround time of the current batch of vaccines.
However, not only are there serious long-lasting consequences from getting Covid but it is also possible to be reinfected with more serious consequences.
Finally, there was a third scenario which I feel people are glancing over: the inception of new strains that pose bigger health risks. The Delta variant popped up from nowhere, spread like wildfire, and is deadlier. In a scenario where vaccines do not ensure immunity and where restrictions are being lifted then this development needs to be on the table because arguably we are already living it.