Just playing devil’s advocate here but if you go along with the story that the vax actually works by reducing your risk of severe disease, she is just saying that with waning efficacy you are once again at risk of severe disease presumably along with all the unvaxxed.

I don’t think she’s trying to say people are at higher risk than they ever were, rather she’s trying to tell the sheeple that the vax works and they need to get their booster to ensure they’re still low risk.