Many species of animals and plants are severely threatened and most of them will die out or will only be able to survive in zoo's or wild parks.
Humans at the moment should be considered as a single population due to relatively small genetic diversity and frequent contacts with other humans from across the world. This implies that humans as a species are pretty susceptible to pandemics. COVID-19 is a pretty harmless pandemic, we have known pandemics for other species that (almost) completely wiped out that species.
If you are simply worried about all life on earth disappearing, that seems extremely unlikely. As Stephen Jay Gould said every age on earth is the age of bacteria[0]. Bacteria have always been the dominant form of life on earth. They were the first ones and they will be the last ones.
[0] https://www.washingtonpost.com/archive/1996/11/13/planet-of-...
Life, if it survives us will likely be pushed through another very narrow gap as it has at least 5 other times in the past. In the very very long run, life may be able to rediversify but, even if we significantly decrease our impact through extreme modification of our behavior or through incredible leaps in technology, we have already been a calamity for life on this planet.
The biosphere would take tens of thousands, hundreds of thousands or even millions of years to recover.