No, most definitely not. Vaccinated individuals are hospitalized less, are intubated less, die less, quite simply, they use up our healthcare system less. Lockdowns are in essence a way of preserving that limited resource (hospital beds).

Where I live, in Alberta, we had a really bad 4th wave in September/October. Prior to that we were at ~75% vaccination rate in those over 18. The wave almost killed our healthcare system and it was primarily unvaccinated individuals using the beds. Had we been at 100% vaccination rate, we most definitely wouldn't have been in the same position.

We'll have to do it as long as there's a risk that the healthcare system would get overloaded to a degree that significantly affects the population as a whole, due to delayed treatment of things like cancer or ICU beds not being available in the event of a medical emergency.

Beyond that, a lockdown is not the only non-pharmaceutical intervention that's available to us. It's just that many governments have failed to use other tools at the right time and in a way that's actually effective, often only implementing them right before the peak of a wave when it's way too late.