The irony is that teaching online is more work than teaching in person, and professors are putting in large amounts of time to convert their classes to online formats. Many administrators are putting in hours and hours of extra labor (some unpaid) to switch over schedules and classrooms and computer systems. The same is true of any other businesses, too, which have converted to new formats. So, some staff and facilities are being used less, but others are being used more. I doubt anyone could come up with a true accounting. They are trying to provide the best service that they can, under the constraints they have, for the customer - whether the customer will accept it remains to be seen.
I would say that life on campus even with quarantine will be fine. Students will find ways of interacting with each other. The value of being in a community in which everyone is doing the same thing (taking classes) is immeasurable.