While it is true that some health care providers are experiencing a decline in demand due to, for example, people no longer seeking medical attention for (e.g.) coronary problems and other non-respiratory ailments, this is not the health care capacity that matters with regard to coronavirus infections.
Non-coronavirus medical problems are important, but the widespread increase YOY in mortality across the entire United States is evidence that such medical demand is eclipsed by the demand for treatment related to coronavirus infections. [0]
Second, and I mean this with all due respect, your suggestion "to have at-risk members of population […] quarantine as we've all been doing. Meanwhile, the rest of society is no longer forbidden from transacting and producing value" is not so much a proposal as a flight of fantasy.
The idea of cordoning off the vulnerable when those who are most vulnerable are essential workers in groceries, transit, delivery not to mention the non-essential service workers, hospitality staff, janitors, teachers, etc. What you are proposing can have no basis in reality.
Finally, those less-vulnerable members of the population you are imagining actually end up hospitalized at a rate between 2.5% and 7.4%. [1] While the number of infections required to overwhelm hospital capacity is hard to pin down (i.e. forecast), ProPublica 17 Mar 2020 page offers a few different projections. [2] One of those projections forecasts that if 40% of US adults are infected over 12 months, hospitals across the country would experience demand at 100% to 200%+ current capacity.
Those less-vulnerable members of the population who "only" need hospitalization at a rate between 2.5% and 7.4% would be left without medical recourse and would die at a much higher rate than what you are imagining.
[0] https://www.nytimes.com/interactive/2020/04/28/us/coronaviru...
[1] https://www.cdc.gov/mmwr/volumes/69/wr/mm6915e3.htm
[2] https://projects.propublica.org/graphics/covid-hospitals