Two things on this. You can carry a higher viral load with less or no symptoms. Read that as more contagious.
A leftie friend of mine who was fully vaxxed, plus boosted, and just recovered from having covid said that your second statement makes sense. Since more people are vaxxed, more vaxxed people will come down with, be hospitalized and die of covid. I said, do you hear yourself? Then what's the point. He said, hopefully milder symptoms when you do get it. You cannot talk sense to these people.