The endpoints for vaccines are “does the person end up in the hospital and does the person die of COVID” not “does the person get infected”. To that end, the vaccines are still effective.

From the original WSJ source [1]: “Analysis by England’s public-health agency suggests vaccines provide significant protection against Delta after two doses, reducing the risk of symptomatic illness by about 80% and the risk of hospitalization by around 96%. That is only slightly weaker than the protection vaccines confer against Alpha, also known as B.1.1.7.“

[1] https://www.wsj.com/articles/india-warns-of-new-versions-of-...