Here's the result of randomized testing in Iceland, which also has the virus under control and has done even more testing per capita (https://www.nejm.org/doi/full/10.1056/NEJMoa2006100?query=fe...)
Randomized testing was still finding 0.6% of the population (outside those otherwise quarantined already) actively infected. This means even in Iceland, less than half of infections were being caught.
Iceland's CFR right now is 0.74% using deaths/recovered (or if you use an ultimate 20% hospitalization fatality rate, around 0.87%). If they missed half of infections, you get an IFR down to under 0.5%, though I'll admit they are doing better by keeping their most vulnerable population from being infected. (note the low infection rate for people 70+ at https://www.covid.is/data).
So no, not an order of magnitude lower, but 3x lower (0.7%) is looking pretty reasonable. Imperial College's latest estimate is 0.66% for China (https://www.medrxiv.org/content/10.1101/2020.03.09.20033357v...).