Ask HN: Does Flattening the curve only benefit 0.5%?

Assumptions- 4% of people with coronavirus die, pick any number you'd like, but the specific number isn't important. 12% of people on ventilators live.

If you flatten the curve, you give hospital access to everyone who could potentially die. This means 4% times 12% = 0.48% lives are saved by flattening the curve.

Services like oxygen are not exclusive to hospitals, so they do not benefit by flattening the curve.

My question is, are there any other benefits to flattening the curve?