The latter. The global pandemic won't end until the whole world has had access to vaccines
This is the first pandemic in which the way to try and end it seems to be to vaccinate (effectively) everyone. No previous pandemic, whether be any flu type, Plague ones or others relied on vaccinating everyone to end, but they all still ended. Furthermore, many of the subject pathogens are still in circulation, even if only seasonally (flu viruses) or in low amounts (plague bacteria).
It seems to be that this one has come down to vaccinating everyone because something is needed to cover/justify all these unprecedented/untested restrictions we copied from the CCP in Wuhan, and/or because we think we're so exceptional that we can "beat this" and not suffer much as a consequence.