It would be possible if the hospitalization rate due to Omicron is also 7x lower than for the earlier variants. I don't have numbers in either direction, but given case loads rising everywhere yet recorded deaths remaining relatively stable, it's not a priori an impossibility.

(edit: just checked the UK's stats over the past month: infections have peaked at 200k/day, 5x the baseline rate over the past few months. Daily deaths have doubled but not yet peaked, suggesting Omicron has at most a 2.5x reduction in severity -- usual caveats apply, this is very coarse data, IANAE etc)