If we don't develop herd immunity ASAP, and instead pursue a course of lockdowns, as soon as we lift the lockdowns (either voluntarily or because people just walk out -- see the midwest), we'll immediately start playing rolling lockdown whack-a-mole as China is. The first contagious person who flies in from a foreign country (or domestically) without perfect lockdowns will re-ignite the wildfire.
We should do exactly what Sweden is doing and what the UK proposed: isolate and provide support services to those who are at risk, and let out those who aren't. I think it speaks volumes that Sweden's new infection rate stabilized at the same time as the rest of the world but without lockdowns.
It's really the only path forward. Is it perfect? Of course not. People will die. However, there's no world in which about 70% of the population won't get the disease before the vaccine arrives, so we need to control who gets it, when, and in what order, to minimize harm.