No, this scenario wouldn't be good news at all.
Firstly, a marginally lower case fatality rate is a linear improvement, whereas much higher transmissibility is an exponential worsening.
In other words, the reduced risk of an infected person getting into hospital is dwarfed by the exponential increase in the number of sick people, and the net result is way more hospital admissions. This could easily overwhelm healthcare systems in the coming weeks and make them unavailable for anyone who needs them, not just Covid patients (unfortunately, these indirect casualties of Covid are undercounted)
Secondly, each new infection is an additional ticket in the great variant evolution lottery. The more infections, the higher the risk of a vaccine-escaping, serious disease-causing new variant being selected. Low vaccinations rates in South Africa, plus the high number of untreated HIV+ patients there (who struggle to get rid of Covid and are a perfect breeding ground for variants) are thought to have contributed to Omicron's emergence.
That's why "let it rip through so we get natural immunity" is such a short sighted stance.