Sure, there’s ample reason to be cautious, no reason at all to jump to conclusions one way or another: there simply isn’t enough information.
Personally I'm not unduly concerned I think this is the way the pandemic will progress ie new variants going forward and changing the direction of things but I'm reasonably confident, as
@gavreid has been saying, that there will be better and more effective vaccines produced in due course and we'll probably look back on this 'phase' of the pandemic and be amazed at how dodgy it was without proper protection.
"Jinal Bhiman, principal medical scientist at National Institute for Communicable Diseases of South Africa, said a key aspect of concern in South Africa, where there is a relatively low vaccination rate, is that those who have already been infected by the delta variant appear to be getting reinfected with the new variant.
Bhiman suggested the variant was potentially "evading other immunity responses from other variants," she said.
Still, she said that theory was based on early data, adding it was too soon to say what the variant's impact will be.
"I think the reason why WHO responded in the way they did is because of that reinfection vector, that this is the first vector with real immunity escape that might have real implications, but we don’t know the severity at this point, so this is being done out of abundance of caution," Bhiman said.
She also said the potential risk in South Africa, given its low immunization rates and limited public health resources to curb spread, is also of particular concern."
https://www.nbcnews.com/news/variants-omicron-develop-makes-variants-concern-rcna6798