Yep, and there is a double-whammy too: to explain with imaginary numbers and Variants for anyone still not quite seeing how hospitals are going to get hit twice by Omicron:
Hospitals capacity for the nation 'Zed' is, for the sake of the example, 10.
Imaginary 'Pie' variant has a serious illness factor of 5 in every 100 infected but because of it's relatively lower transmission rate it only causes 150 infections at any one time = 7.5 people in hospital at any one time, so within capacity and the hospitals copes.
Imaginary 'Dessert' variant has a serious illness factor of 1 in every 100 infected but due to its higher transmission rate causes 1,200 infections at any one time = 12 people in hospital at any one time, exceeding capacity and hospitals fail to cope.
But here is the serous part:
The capacity of the hospital is dependent on staff to tend to the sick, staff who are vulnerable to sickness themselves. If the staff are put out of action by 'Pie' variant capacity may have been lowered from 10 to only 8, still coping... but barely with no play in the system for any other issues, and we have seen this IRL with operations etc being cancelled. But 'Dessert' variant by being more infectious would effect the staff even harder, either by short term illness or long term or permanent serous illness so not only does the number of incoming sick exceed the original capacity, it bringing the capacity of the hospitals down even further from its original 10 to just 5. So technically 'Dessert' exceeds capacity by 20%, but in reality it exceeds capacity by over 50% because it hits capacity too. The Nation of Zed is in a real crisis at this point and they might not even know it yet.
So thinking about 'Pie' and 'Dessert' not only does Omicron have the potential to bring in a higher net value of seriously ill individuals due to an exponentially higher number of infections all in one go, it will be doing it at the same time that the capacity of the hospitals themselves will be severely reduced due to the staff themselves being infected. The staff we need to tend to the sick are in the perfect place to be exposed to it and become sick themselves.
All a nation can do at this point is stall the spread with lockdowns etc which buys the hospitals time for their staff to be infected, loose capacity and then recover capacity as the they get better and come back online hopefully without too many lost long term/permanently to serious illness. The lower the infections now, the more capacity can be bought back into the hospitals as staff recover. The kicker: I know someone working for the health service who caught the original variant in March 2020 who is still getting Long COVID symptoms. Even when staff are back, they are not guaranteed to be at 100% capacity even long term.
The hospital capacity cannot be increased without more staff, beds and ventilators which is very hard to do. New tearments ma come along which might ease death rates but especially with staff and training which takes years, it's hard to get more of them to tend to the sick... so protecting the capacity you have is the first step in avoiding being overwhelmed but this far into the pandemic it may be a war of attrition.