The question is on the impact side. The reason this theory seems to work is that the seeming danger from COVID-19 is all on the elderly and immunocompromised. If you can prevent them from getting the same disease everyone else is, then they'll be protected by the herd -- new clusters won't form and infect them.
So this all comes down to those assumptions:
1. The virus is genuinely of low danger to the young and healthy
2. The vulnerable can be adequately protected during a pandemic of the general population
If either is wrong, we're looking at a staggering disaster. Are they wrong? We have no fucking idea. I'm not even on the continent and I'm terrified.