I think there are a few things to bear in mind here:
Sure, news media hype... pretty much anything they report on, for the most part. That's the nature of the beast.
It does not follow that Covid-19 is NOT an epidemic to be concerned about. There can be a kind of herd mentality in reverse where a person acts as though identifying hype invalidates the claim being hyped, which is not the case.
Secondly, there's a difference between endemic and epidemic diseases. Sure, flu - and heart disease, and a number of other things - will kill more people this year than the latest epidemic. Those are endemic conditions, i.e. constants that are pretty much always there. But the emergence of an epidemic does mean that there are new and different risks to life and health, so one shouldn't just shrug them off. For instance, wars don't often kill more people than heart attacks either. Does that mean we should just shrug off a war? Or take measures to prevent or end one?
Thirdly, there's a complicated tangle of incomplete information and the statistical likelihood of possible outcomes. Let me use the metaphor of war again here. Most wars are relatively contained affairs that kill a relatively limited number of people. Every once in a while, though, you get a really massive, catastrophic conflict - WWII, WWI, the Napoleonic Wars, the conquests of Genghis Khan, etc. There's no fixed regularity with which these catastrophes occur, and in their early stages it can be impossible to foresee if this is going to be just another limited border clash or if it will spiral out into a massively lethal event.
In the same way, when a new epidemic contagion appears, it can be very difficult to tell what the eventual scope of the outbreak will be. Is this the next Spanish Flu, Black Death, Cholera? Or will it turn out to be a relatively limited epidemic like Swine Flu? How bad can things really get from Hitler bullying poor Poland a bit? So it's quite possible, though not necessarily likely, that Covid-19 could turn out to be a truly catastrophic pandemic. It may not, but it would be foolish not to prepare against the possibility and act decisively to prevent it becoming so if we can.
Either way, I don't think it's the end of the world, or of civilization. Even the Black Death left a world that picked up and carried on, albeit with fewer people in it.