A reminder when viewing exponential growth charts: a wave with faster case growth, plotted against waves with slower growth, will *inherently* seem to take longer for hospitalizations, ICU admissions and deaths to "catch up". Simulated scenario with varying doubling times below. 
https://twitter.com/jburnmurdoch/status/1465659957546782725
In the above graphs, the slower waves were seeded with more initial cases, so that the faster growing waves past the slower ones on day 27. But hospitalizations don't pass until day 34, ICU admissions until day 38, and deaths on Day 41.
This is an inherent result in the delay between cases and more severe outcomes. If case growth reaches a given height corresponding to an earlier wave, but at a faster growth rate, it hasn't had as much time for cases to become more severe - thus they plot lower vs. cases.
I.e, it doesn't mean "lower severity". This is an entirely separate issue vs *other* sources of skew, such as the amount of immunity in the population growing between waves due to infection and vaccination (the very reason why the previous wave may be in decline to begin with).
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