Ohio's circumstances, there is an interactive chart for the state on the website that addresses "Hospitalizations", including a breakdown of COVID and non-COVID ICU beds...as you'll see (from September, 2020 to this week) the number of COVID-occupied ICU beds varies from a low in Sept. of just under 9k to a high of 29k in Jan., with the number of un-occupied ICU beds never getting to less than 888...yet just under 17k people died...think "Throughput".
In our state, we get regular emails (if requested) outlining the current COVID situation...in fact each and every death is noted as to the county it occurred in, date of diagnosis, and date of passing. From my many observations, the time period between those two events is anywhere from one week to a month (typically)...so people are being admitted daily...and dying daily...but at no time were our ICU beds filled up.
So, back to Ohio...with 17k deaths each averaging 4 weeks in the ICU (I won't try to estimate the number in personal or care home residences) that's around 68k COVID ICU 'bed weeks' out of, let's say a utilized capacity of 30k COVID ICU beds x 52 wks = 1,560k 'bed weeks', yielding a fatality rate on the order of 4.4%...not unfathomable.
Again, I hope this helps...I also hope that my diminishing math skills haven't added to the confusion.
Link: https://coronavirus.jhu.edu/data/hospitalization-7-day-trend