I disagree. It's simply too early to make that determination.
The Spanish Flu had a estimated infection fatality ratio of >2.5% (https://wwwnc.cdc.gov/eid/article/12/1/05-0979_article). As another commenter pointed out, the COVID-19 IFR is 0.9% in NYC. The difference between 2.5% and 0.9% is only 2.8x. However the IFR is not only underestimated due to the lag between case detection and death, but it's also probably a lot worse in many other parts of the world (third world countries, etc). So it's possible the difference is only 2-fold, which would make both pandemics relatively comparable.
The Spanish Flu had a estimated infection fatality ratio of >2.5% (https://wwwnc.cdc.gov/eid/article/12/1/05-0979_article). As another commenter pointed out, the COVID-19 IFR is 0.9% in NYC. The difference between 2.5% and 0.9% is only 2.8x. However the IFR is not only underestimated due to the lag between case detection and death, but it's also probably a lot worse in many other parts of the world (third world countries, etc). So it's possible the difference is only 2-fold, which would make both pandemics relatively comparable.