Eh. Sort of.
They were a failure at stopping the new virus the same way that the flu shot you get every year stops the flu.
It doesn't. That's not how things work.
The issue is the politicians being idiots and making expectations so out of whack with reality.
Anyone that knows anything knows the new virus is here forever now. It's in the wild. It's going to mutate and we are going to have a yearly one going around now just like the flu.
In a sane world we would shrug, deal with the fact that flu season is going to be worse for a few years, have a additional yearly flu shot, and move on with our lives after destroying China for bio-warfare and the idiots over here pushing gain of function research.
But we aren't in a sane world so you have idiots pushing the vaccine so hard it makes people not want it, politicians using it as a excuse to play out their secret fascist fantasies, elites telling everyone else what the commoners have to to while they only wear masks for photo shoots and go to their big parties that they don't worry about at all while they lockdown everyone else in a scene straight from hunger games.
So it's not really a problem with the vaccine. (Yet. Long term research will see I suppose). It's a problem with the elites and leadership taking advantage if a crisis in a way that would make past evil dictators proud.