Quite right. And furthermore, if 99% of the population is vaxxed, and the vaccine only cuts the incidence of serious illness by (say) a factor of 10, then 90.8% of the seriously ill patients will be vaxxed.

And in that case, calling it a "pandemic of the unvaccinated" and concentrating your efforts on trying to force the last 1% of the population to get vaxxed will not help much in reducing the load on hospitals.

Exactly. What you need to look at us the incidence of severe disease among each population of vaccinated vs unvaccinated. Comparing absolute numbers is meaningless.

The 2-shot vaccination rate in Israel looks to be around 65% right now, and 1 dose around 72% [1]. However, the vaccines are not randomly distributed: we can expect that the vaccinated population contains a lot more people with risk conditions, because they are much more motivated to get the shots.

[1] https://ourworldindata.org/grapher/share-people-fully-vaccin...

Israel's full vaccination rate is ~65%

https://ourworldindata.org/vaccination-israel-impact

Precisely. The vaccines are highly, but not 100% effective at preventing hospitalization. [0]

[0] https://www.cdc.gov/mmwr/volumes/71/wr/mm7104e3.htm