Protection from hospitalization and death, particularly in under-65 or so, does not wear off. Neutralizing antibody levels naturally wane and can allow infection, T-cell and B-cell populations don't (unless you get infected with measles or have some other conditions, and assuming you form a robust T-cell response to begin with and aren't immunocompromised or just quite old).
I think the vaccine is probably as effective as two doses of a laxative.
Any 75+ year olds that survived the two doses of the laxative, will now have better outcomes against covid.
Keep in mind the effectiveness is measured in tens/100,000. An there are some very sick people given the vaccine, that die before the 14 days of the second dose.
