I think you're misreading the information to be honest. I don't doubt the death rate varies somewhat from place to place depending on the conditions and the level of care available, but there is nowhere that it will be anything even slightly close to 1%. The biggest difference in the rate from one place to another actually seems to be the level of testing.
For example in the UK, if you take the number of deaths compared to the number of confirmed cases, then the death rate is around 0.04%...and that's before you factor in that not every person who has covid will be tested. Someone with no symptoms will not be tested unless done so at random, and depending on what study you look at the number of people who contract covid without getting any symptoms is anywhere between around 50% to as high as 85%...so even going by the lower figure there you're looking at a death rate of around 0.02%. You can argue that can come down more if you consider that covid deaths are people who tested positive within a certain time frame of death, and that a percentage of those were already terminally ill. As well as the fact that the demand for tests has been greater than the capacity at various points in time, so some positive cases have simply been missed. So even being pessimistic, looking at the maths and science available you would have to concede that 0.02% is more likely to be a high figure than a low one, which makes the 0.01% figure actually seem very plausible.
I can easily believe there will be some variation to that based on the unknown factors and lack of exactness in some of the numbers, but there is just no way it jumps from that to suddenly being 1% or 0.4% or anything close. If it was close to either of those numbers you would be looking at potentially 50-100 times the number of deaths we have seen if not more. The number of deaths in the UK alone would be in the hundreds of thousands
It's all pretty useless information as well since it's so generalised. For example if I were to get covid (again) I'd have a much lower chance of dying than even 0.02%, due to being at a healthy and young age, and living in a country where I have access to healthcare and a warm roof over my head. My chances of dying are basically 0...where as for an 80 year old with a lung condition living in deprived conditions it's probably significantly higher than even 1%...as it also would be if they contracted flu or even potentially a common cold....and this is why it's such a big problem, because this still actually amounts to an awful lot of people, and there are also countless other conditions and illnesses going round, and adding another on top is in many places simply too much for the healthcare systems we have in place to cope with.
Herd immunity is a nonsense but I think we've always kind of known that. We've never had enough information about covid to know if something like that would work, and the more information we do get, the more it seems that it wouldn't.