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I think the biggest problem all along has been lack of support for self isolation - Millions can be spent to dodgy mates hastily setup PPE companies but yet no raise in Statutory Sick pay, no efforts to separate infected people from shared households (lot's of empty hotels at the moment that could do with the money...) Issues with food delivery's etc. It's not just a failure of Test and Trace the Isolate component has been useless aswell.
The £500 they started offering late in the day to people on benefits helps but misses the problem of lots of low-paid workers not on benefits who still can't afford to lose two weeks of work...
Looking at the current number of infections I don't think we are being nearly cautious enough.
A few years from now we will understand better but for now 'If you have been in contact with a positive case you isolate, no excuses' seems reasonable to me.