By about 3-4 orders of magnitude, it is. The flu tends to kill about 60K people annually and most of those are old or very young or already had a compromised immune system. This is with the figures known so far and before there is a vaccine around 2-3%. If left unchecked it would overwhelm available health care capacity pretty quickly.
The Chinese mis-handled this. But it would be a mistake to think that the west is super prepared for something like this compared to China. ICU capacity is limited, test capacity is limited. Our advantages are mostly in more transparent messaging and wealth. Those two will have a big impact on the economic and health care aspects but it may not be enough to drop this down to the level of yet another flu.