Yes, even such dangerous disease (mortality rate which is likely going to be somewhere around 100x the seasonal flu if unconstrained, or maybe 10x the seasonal flu with relatively strong limiting actions (ballpark)), isn't dangerous enough to allow hastily tested, potentially very dangerous vaccine.
Vaccine testing is so damn good that people simply don't see the huge risks involved. The risks are actively minimized, which is hard and slow work. It's only due to this hard work vaccines are so safe, they inherently aren't.
Say, if the COVID was 10-20x more deadly than it is (actual mortality rate being what the CFR is right now), then that would probably warrant taking the risk with rushed vaccinations. The risk would be worth taking.
This is why we aren't going to see a vaccine in the very near future. However bad this is, it isn't bad enough to take massive risks. These risks involve things like higher mortality rate from the vaccine than from the disease itself, or serious permanent injury.
(See the Pandemrix vs. narcolepsy thing as an example case of a hastily tested vaccination; and it wasn't too bad, it was tested fairly well because of the non-severity of the swine flu.)