As you say, it’s too early to say. I’ve taken to watching/reading the South African media to get a flavour of what it’s like there, and you get two quite different takes. On the one hand, the head of the South African Medical Association reports that yes the virus is spreading quickly but that the symptoms are generally milder, so that gives us something positive. On the other hand, the head of the ICU in Soweto reports that more younger people (20-35) are presenting at her hospital, all unvaccinated, and that they are requiring interventions, so that gives us something negative.
There still isn’t enough data yet to determine which is correct, so I suppose many will just cling to the perspective that fits their mood.