I think its value is there - in a pre-vaccinated population. Post-vaccination or with high antibody rates in the population you're really just counting numbers for nice-to-have-stats in the end.
Of course for now you still need it, because medical aids won't release any special funding for covid treatment even OTC if you haven't tested positive.
Basically the positive cases should not impact our view on "waves" or "lockdowns" anymore. Those are needed when we cannot control the mortality of this thing, and so far it seems the world is doing a much better (but not yet perfect) job of it.