I have been trying to keep up with the published research, and everything I have read, as a whole, suggests the vaccines are very effective. The flip side is the large pool of unvaccinated people mean the probability of mutations/variants against which the vaccines may not be as effective is higher and that we will be dealing with new variants for some time. As such, I suspect we will see annual inoculations for COVID variants, much like the flu shot.
But there is some data that is confusing. The delta variant is supposed to be very contagious. As such, we would expect high infection rates until we see a change in behavior. But that is not the case. Places with high incidents of the delta variant suddenly stop having new cases, and I cannot see any correlation between human behavior and the drop in infection rates. That suggests our understanding is not complete.