This statement might be true for your location but is not true in general. Here in New York City hospitalizations due to covid are not very high and going down quickly. Elective surgeries and procedures go on as scheduled. ICUs are not overrun with covid specific cases. Majority of the patients with positive PCR test are hospitalized for medical reasons other than covid. Recorded deaths do not differentiate between "died from covid" and "died while covid positive" making death statistics hard to interpret. In general, compared to the situation on the ground in March-April 2020 this time the covid load on NYC hospital system is lighter.
The biggest challenge is staffing shortages in the hospitals due to general burn-out, people being on sick leave due to spreading omicron. Noticeable percentage of nurses were laid off because of the vaccine mandate (i am not judging the mandate, just stating the consequence).
SOURCE: several physician relatives and friends working in NYC hospitals (Manhattan, Bronx, Brooklyn).