Human intelligence is distributed, like everything else, on a normal distribution. Students at either end will have vastly different experiences. The low-end students, sadly, will never catch up. The high-end students will catch up easily, and may even enjoy the challenge. The really bad outcome is if the average student (e.g. +/- one sigma) can't catch up such that when this generation reaches employment age, there will be a noticable dip in education, roughly equivalent to skipping half of high-school.
Why didn't schools keep going during the pandemic, but outside or in very well ventilated buildings? This is what New York did during he Spanish flu pandemic, and it seemed to work. (It did look cold, though).