No it's way overhyped. The cases in China area already going down. It has not spread in the US yet and the virus has only a 2% death rate.
True story: my company had to delay a major service rollout for our customers - indefinitely - because of supply chain problems in China. The economic disruption is real.
The 1918 Spanish Flu had a 2.5% death rate, and killed 50 million people. The world population was only 1.8 billion at the time. A comparable event today would kill hundreds of millions. If you think better medical care will mitigate this, you're fooling yourself. When the hospitals are overflowing with patients we could have Star Trek medical tech and it wouldn't matter. We've returned to the Middle Ages. Global travel is way heavier today than 100 years ago, which will spread the virus faster, and people are way more dependent on goods delivered from elsewhere, making them extremely sensitive to supply chain disruptions.
TRUMP will beat this, though, like he beats everything. And it will all be back to normal soon and TRUMP will be invincible.