As someone who did some data analysis for Covid, there are no easy answers or comparisons. This makes all these discussions quite difficult. Any time someone gives an easy heuristic - whether it aligns with your preconceptions or not - you should question it.
Death rates were affected by so many things. Percentage of population over 70, testing prevalence and accuracy, CoD policies, variants, treatment strategies, and on and on.
Excess deaths are more reliable, but far from a truly reliable metric. Because excess compared to what? If they freeze the comparison to an average of 2015-2019, that seems better (although some countries have bigger fluctuations for various reasons) - but over time that might overestimate excess deaths because as populations increase, you would expect deaths to increase. However, when public health starts to impute their own 'baseline' deaths, you could see the excess numbers start to drop even though they're actually increasing (I believe the CDC has started doing that in 2023).
Pandemic numbers are wildly difficult to compare because there are always 20-30 factors involved. Age is probably the biggest factor, so that alone can have an outsized impact. Around 16% of Italy's population is over the age of 70. Kenya has 2% of the population over the age of 70. One might expect Kenya to have better numbers than Italy even if they treated or vaccinated nobody.
In short, it's all worth considering and investigating, but I hesitate at drawing any firm conclusions.