COVID-19 appears to act similarly to the other coronaviruses that are endemic in humans. There are two key properties.
1. You don't develop an immunity to infection by them, but you do become less likely to be made severely ill from subsequent infections.
2. The severity of illness from the first infection is generally less if you are very young.
With the others it is thought that they probably did cause deadly pandemics when they first crossed over to humans, but did not cause much harm to babies or very young children, and so by the next generation they were no longer a big deal.
Nowadays we don't even bother to have a name for infection by them. We just lump them in with around 200 other viruses and call what happens when we get sickened by any of them a "common cold".
Pretty much everybody alive now was exposed to those viruses as a baby, got mildly ill and got that first infection out of the way, and then it is just a routine common cold to them when they get older.
I don't think it is yet known if COVID-19 will fully follow that path of those others. It still does cause severe illness far more often than the common cold viruses even in people who have been infected multiple times.
We probably won't know for sure until we see what happens over several years with people who were very young during the pandemic or were born after it.
For people older than that is is probably going to be something that is more like a severe flu, where we'll have a vaccine each year for the strains expected to be most common that year, and while the vaccine won't stop you from getting sick it will greatly increase you chances of not getting severely sick.
We are already seeing that. COVID-19 fell from the 4th highest cause of death in the US in 2022 to the 10th highest in 2023, with 76000 deaths. Compare to 246000 deaths in 2022 and 462000 in 2021.