An important insight to my question has been provided indirectly by Prof. Anthony Costello in an interview with Channel 4 News which you can access on YouTube https://www.youtube.com/watch?v=8kY4YsACLqw (watch after minute 6).

He quotes other experts and field experience from other countries and makes the following comment which I paraphrased: Will social distancing work? No, this is guerilla warfare. You have to get out to communites, find the virus, isolate it. This is the way to supress the virus without isolating everyone. Formal contact tracing is important to do this. This case detection and follow up process works a lot better than locking down everyone. A lockdown does not help you to find all the cases. You have to spare resources to go out and look for the cases like South Korea has done.

Apoligies if my paraphrasing is not fully accurate but I believe it captures the gist and points out to what needs to be done and a bigger second wave risk if it is omitted.