I don't think anyone is denying that, though from my experience any argument in any scenario that starts with "if just 1%" means that everything following that is imaginary. The morbidity rate could be well below 1%, but we don't know because we're not testing anywhere near enough people. It could also be well above it.
We also have to accept that as a society, the freedoms we have regularly come at the cost of human life. For example, we drive cars knowing full well that every day 5 of us in the UK will die as a direct result. We're not about to stop driving cars though.
I'm not saying that we should all be out hugging strangers in the street, but what is important is that we're doing everything possible to understand the actual impact so we can make policy decisions accordingly.
It doesn't feel to me at the moment like even the most basic thing is being done, which is maximising our testing capacity: