The total number of cases is very similar to a logistic curve that initially can be approximated by an exponential, but later it stabilizes and it looks like a step.
The number of active cases / hospitalizations is similar to the derivative of the logistic curve that initially can be approximated by an exponential, after some time goes to zero. It looks like a bump.
A smaller hospitalization rate means that hopefully the bump is low enough to not saturate the hospitals.
More about some simple models: https://en.wikipedia.org/wiki/Compartmental_models_in_epidem...
If you take an exponential growth of 1.5, quite a quickly spreading infection. And a hospitilization factor of 5% vs 0.05%:
day 20: 3.3k cases, 165 vs 1 hospitilization
day 25: 25k. 1.2k vs 13
day 30: 191k 9.5k vs 95
day 35: 1.5m 73k vs 728
day 40: 11m 550k vs 5528
So a 10M people country with ~5k. beds wouldn't have healthcare capacity due to the constant factor, while without they would be overwhelmed within a month.
That said, when I looked up studies on that the chances were about 1% for that to happen to me (at that time).