Yes, the risk of COVID to younger, healthy adults and children has been exaggerated. Drastically.
There's no questioning that people have died. Many people. But there's also no questioning that over half of those that died were over the age of 75, and 30% were over the age of 85.
This graphic from the CDC illustrates vividly just how poorly people understand the risks of COVID;
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You'll notice that there were far more cases amongst younger people, but far FEWER deaths, whereas the number of cases for those over the age of 85 was much smaller, but resulted in the greatest share of deaths.
If there's one thing this graphic illustrates, it's that the risk of COVID is exponentially higher in the elderly, yet our mitigation measures have not reflected that indisputable fact. At all. Instead, you have loons in Michigan saying that we need 2-4 year olds wearing masks OUTSIDE when there is no science or evidence that suggests that will help anything. They want to be seen as "doing something" and/or "taking the virus seriously", but it's all just meaningless pandemic theater that accomplishes nothing.
Lockdowns don't protect the elderly, which hopefully by now you can see are the ones most at risk. They protect the "laptop-class", those that are able to work "safer at home", while the "essential workers", to include your elderly Walmart greeters and "health ambassadors", are exposed daily. And all the while none of our mitigation measures show any correlation, much less any causation, whatsoever in stemming the pandemic or saving lives.
So yes, the risk posed by COVID has not only been exaggerated for a vast majority of the young population, but public health has also failed completely at protecting the vulnerable.