I recommend the Meyerowitz-Katz and Merone survey of IFR [1] over Ioannidis. The tl;dr is an IFR estimate 0.68%. Consensus in the epidemiology community is that Ioannidis has become a politicized hack, consistently pushing lowball estimates.

Of course, your argument is still valid even with the lower estimate, I just think it becomes more complicated. Unfortunately, this case is quite a bit more complicated because COVID fatalities are heavily weighted to older ages, while this purported VIPIT is appearing largely in younger, otherwise healthy people.

[1]: https://www.medrxiv.org/content/10.1101/2020.05.03.20089854v...

[2]: https://sciencebasedmedicine.org/what-the-heck-happened-to-j...