Distancing CAN limit the overall death toll. For one thing, not over whelming hospitals is a good thing for that. For another, it should reduce R naught significantly. In a country like France or Italy, when you meet someone you do the kissy kissy thing (or did) if you know them. Cut that vector and you cut the spread, for all time, if you get to a point where the infection rate is very low.
The numbers are coming down in Italy. They are starting to reopen some aspects of life, or loosen the regulations.
And we do know with good certainty some things about this disease. It is much tougher on old people than typical influenza. It spreads easier. A key unknown is reinfection rate, that one is scary to me. We have some hopeful news on remdesivir today for treatment, but it isn't a clear cure. The stock market is up 2-3% today, it's about where it was a year ago. That is not signaling a long term economic collapse (though obviously it can be wrong).
We may look back and realize it has become a "part of life" (and death).