> it'd be pointless to run a challenge trial full of low-risk individuals.
This is binary all-or-nothing thinking. It considers 90% the same as 0%, since both are not 100%.
Testing on healthy young people you learn how a normal immune system reacts to a vaccine candidate. High risk groups mostly have similar immune systems.
Even if somehow you could only vaccinate everyone under 60, that would do enormous good stopping the spread.