These are the two possible approaches to the problem. I don't think there are any others. Most countries have opted for the second but Sweden- I understand- is still going with the first. It's too early to say which is more effective.
There are many places in the world where lockdown and isolation are unachievable. They are mostly places where the poor and disadvantaged live: favelas, shantytowns, refugee camps. We might want to look into this when the big scare is over.
Just as we may want to look into the odd fact that certain people- for instance Prince Charles and Tom Hanks- have access to coronavirus testing when front line medical staff don't. What have Prince Charles and Tom Hanks got in common? Now let me think...
South Korea seems to have achieved very good results with lockdown but Spain and Italy haven't- and it doesn't seem that Britain is doing any better. North Korea- which is in a state of permanent lockdown- says it has kept the virus out but I wouldn't be surprised if it were lying.
People die. Old people are particularly prone to it. Lockdown may postpone the inevitable but that's all. Pneumonia- which is what CV19 brings on in the worst cases- used to be called "the old man's friend" because it stopped moribund people from lingering on and on.
If only we could get over our fear of death.