There are currently more people in the hospital because of COVID than at any other time during the pandemic. We are extremely lucky that omicron is not putting people into the ICU and deaths have declined significantly compared to Delta. But our health care system cannot handle the massive number of people coming in to the ER with shortness of breath, needing oxygen and emergency care.
Giving in to Omicron will not yield herd immunity. Upper respiratory viruses tend to leave behind fairly short lived immunity. 4-6 months is typical. That is why people get colds multiple times a year. But omicron is not a cold. It does hit hard and people are knocked off there feet for 1-2 weeks and many end up needing emergency care.
Also, counting on omicron to stay less virulent is not a safe bet. It is a myth that viral infections always evolve to become less virulent because keeping the host alive is an advantage. Plague sustained very high virulence and IFR because it sustained transmission through fleas on rats. There is no reason why omicron can't mutate to become more virulent and still be the dominant variant.
The best way to keep that from happening is to minimize transmission. N95s are the best protection we have to stop transmission. It would be stupid to not have people wearing N95s when indoors in public settings at this point. It would get transmission to come down, sparing the healthcare system, and keep new variants from emerging. There should be an omicron specific booster available this spring and other promising vaccines and therapeutics are in the pipeline. Now is probably the most important time in the entire pandemic to hunker down and do everything possible to limit transmission.