I guess life would be largely the same except for the millions of dead people?

In general though, there has been a huge variety of policy responses across the globe and over time, so I'm not sure what you mean be 'we' 'shutting everything down'. My state came closest to shutting everything down for a month or so in the spring, but there has been a constant effort since then to adjust policy to balance health risks and economic/social pain. Italy had a super hard lockdown. South Dakota isn't even wearing masks.