Another aspects not so much raised is that, where people can afford it, most people at risk are vaccinated against the seasonal flu.
Take a nursing home with people in the 80 to 100 years old range, all residents and staff are vaccinated against the flu. Even if the protection is not perfect there is some sort of herd immunity at play<
Now take the same nursing home, and for some reason someone from the staff is bringing the Coronavirus in, you are likely looking at a very high death rate.
Whatever the estimation of the death rate is, this is not a flat 1%, this is highly non linear depending on the context.