It doesn't start well: the presenter uses the term "excess death rates" to describe what are actually officially reported COVID-related death rates per million. The whole idea of excess death rates as a concept is that does not discriminate as to cause, so talking about excess death rates "due to COVID" makes no sense at all.
True, such an assumption is simplifying, saying that excess rates 2018 are due to flu and 2020 due to covid-19. This objective accounts for both viruses and years.
But do you have an alternative to figure out what goes on in a certain time period, say to investigate how sever a flu season was? Note that it is good luck that this year - as it seems to be the case - the flu didn´t cause problems.
Admittedly, as far as possible, you need to have a further look. But with covid-19 you have two additional impacts: A) overwhelmed health care, and B) effects from measures. So any deaths here will even subtract from excess deaths roughly interpreted as covid-19 deaths. Admittedly A) should be also true for some influenza deaths, and B) might not be high (at least not already).
Another huge blunder is that he does not compare like with like: he compares all-cause mortality over a previous winter with deaths officially attributed to COVID. He needs to pick one or the other - either compare deaths officially attributed to flu with deaths officially attributed to COVID. Or alternatively, compare all-cause mortality for the reference winter season with all-cause mortality for the covid period. Those comparisons will not be as favourable to his conclusions of course - that the rate of COVID deaths is "not as bad as you think". Never let the data get in the way of a good story!
The official covid-19 deaths are biased in two ways: 1. not all deaths positive for covid-19 may have been counted 2. Many might have died anyway (as it is due to influenza). Because of 2. the concept of excess death is used (see point above). Saying it most directly, these excess deaths
are the influenza deaths then, as the officially reported influenza deaths (death cases positive for influenza) are misleading.
Here he says now that official covid numbers may match up with excess deaths, which is obvious enough, for a rough comparison. It would be better, I agree, to have original euromomo numbers, but this sidestep is rather not in the favour of making covid-19 smaller.
I don´t see why you want to reject to get an idea of the situation (only because of the quality of a disease or whatsoever). Don´t you see that this allows capriciousness?