Still a 50% less chance of being hospitalised. And 50% less chance of dying
You're both missing a big factor: Age.55% of people are double vaccinated
12% of those dying are people from that group.
Before vaccination something like 95-99% of serious cases were in the over 50s. The uptake in vaccination has been very high for the over 50s and vulnerable groups (phase 1 of the vaccination program). In effect you can use the fact people are double vaccinated as a proxy for age/risk.
If the Vaccine was worthless you wouldn't see even rates of people being hospitalised with and without vaccination, you'd see the huge overwhelming majority of cases in the vaccinated population.