I hear where your coming from mate but I think it's a bit different in fact.
The numbers of people who die is very strongly determined by the extent to which the NHS' ICU capacity is overloaded. Nearly everyone who needs ventilator support and who cannot get it, will die. What they have realised (and was obvious to many of us) is that had they carried on with Option 2, the NHS would be completely overwhelmed and the numbers of people dying would be off the scale. They talked about 250,000 *if* we had enough capacity, which of course we do not. So the numbers would be much higher than 250,000 - something in the region of half a million - with 14,500 people dying per day at the peak.
So Option1 becomes the only option. We have no choice. There are no circumstances where more people will die under Option1. This idea that Option2 might be better in the long run, has been shown to be wrong. It's SO bad in the short term, it cannot possibly be better.
And regards Option1, we may well have several "waves". After each wave is under control, we can ease off on measures and then if the numbers start to pick up again, we need to lock down again. We are going to have to get used to this for the next 18 months, because there is no alternative which does not leave half a million people dead.