I've never quite understood this argument. I hardly think a Colt and a Wingmaster are going to help stop trained soldiers, drones, jets, tanks etc. It is ridiculous and ignorant of reality.
I'll also note that a high number of guns per inhabitants is not always correlated with a large number of firearms crimes (see Finland or Switzerland). On the other hand, you have enough examples of lunatics killing a large number of people with modern firearms that I feel a lot safer in a place with tight gun laws than I would feel elsewhere.