Somewhere in between.
Look. Two extremes. Do nothing at all, carry on. Or, the global response of one shut-down over a solid couple of months to kill everything, all the flu's, and who knows what else, all at once. Not too practical, or even practicable. As they say, the hardest action to take is no action, but, here we have no action at all.
Maybe, the best action is the optimized, but non-trivialized, long-term approach of built-in "contact tracing" that is each person being responsible for, in contact with, a handful of persons outside the family. The linear sort that doesn't "ball up" into the usual cliques.
Old folks homes, and, schools? Well, those have to be "busted up". Real and actual community integration. The extremes into the average.
I mean, again, maybe, the virus, itself, is optimized, so, it doesn't matter what we try to do about it, over the long-run. That we may be left to more-philosophical points of view. Maybe, figuratively speaking, perhaps, the virus is punishment for abandonment, nay, unnecessary harm, of those left without a "voice" in society. I mean, that the perpetrators, themselves, are left to take less than no action, or, action that makes things worse. Who knows.