No.
The things that were about flattening the curve were about avoiding acute health system overload and increased mortality that would result from that (for all causes, not just COVID, since no ICU capacity kills people regardless of the reason they can't get into an ICU) to provide time for the development of effective preventive and treatment interventions, minimizing deaths on the route to that. (I suppose you can call that “building healthcare capacity”, but the goal has never been prinarily about bulking up the number of seriously I'll people hospitals can concurrently treat on a sustained basis, but the capacity to prevent people from getting seriously ill.)
(The original research indicated that after a general lockdown period, cycling local, often more modest, control measures would likely be necessary to that end.)
While the particular half-measures adopted and half-heartedly implemented have had mixed results in preventing health system overload (since we've seen temporary overload various places at various times), we have, in fact, developed various effective interventions and are on the road to more.
