Potentially. COVID is a slow disease. First there have to be ~100 cases (so that there are expected hospitalisations), then it takes a week or so before the hospitalisations actually start. It matters who those cases are, if a bunch of kids get the virus then the stats will look mild.

It is too early to be confident about what is happening from the sidelines. The evidence is a bit murky and we might be about to see some horrible numbers in the aggregate numbers. Or we might not.