There is absolutely no reason to believe that Covid numbers are more inflated than Flu numbers. Most of what I've read has actually suggested the opposite.
The fact that Covid has lasted longer than a typical Flu season is another reason for concern. That makes the disease more worrisome, not less worrisome. With the Flu, you can at least predict when the numbers will rise and fall. Covid has not given the same seasonal indication. The year's Covid deaths could end up well over 250,000.
To be clear, this is the average Flu death toll for the last 30 years:
So Covid has been 10x more deadly this year than the Flu over the last 30 years. If you use the highest estimate of Flu deaths, it's 7x more deadly (assuming we end up around 250k for Covid).