The case fatality rate would likely increase as we overwhelm healthcare resources, so it could be even worse.
1% may sound trivial but it becomes meaningful at the scale of a population. The benefits of the vaccine far outweigh the risks.
I was injected yesterday along with my fellow emergency department and ICU staff. People seemed giddy with hope and relieved to become protected. If you see enough people die of covid then the risk of the vaccine seems trivial.