Unless Sweden's health system implodes because the pandemic overwhelms it, their approach has obviously not been a total failure.
The rationale for the brute force lock-downs, AIUI, has always been to preserve the ability to treat patients. i.e. to not have all hospitals resembling the early scenes coming out of Lombardy Italy or Wuhan China.
Sweden didn't institute draconian lock-downs, and never lost the ability to treat patients, never devolved into the utter chaos many predicted.
We can't meaningfully compare other statistics like total deaths and economic impacts until the pandemic has run its course.