I don't think anyone with any amount of scientific background thinks that these first-generation vaccines will eradicate COVID, but IMO the actual data says immunity is likely to be very good and last for 6+ months, probably more. Then, in 2022, we'll get new vaccines that account for new COVID mutations, and we'll make another big dent in the number of cases again.
"Eradicate" is a very strong word. We haven't eradicated measles or diphtheria, either. I think everyone would be pretty happy to get covid-19 down to the same incidence as measles.
I hope we have a better chance of eradicating covid, than we do measles. A first factor making measles harder to eradicate is that it can strikes fairly early in life, and covid appears to affect young children much less and not to be as transmissable either (studies show schools are a source of transmission, but that's largely 15+ yro teenages AFAICT). Transmission in necessarily vaccinated very young children won't be as much of an issue. Secondly, measles is much more infectious. People that come in close contact with contagious measles cases almost always get infected (90%), whereas with covid there are clearly many cases in which people get lucky. Over the course of the cov19 disease it may be likely you'll infect people, but each short exposure by itself is a fairly low risk; unlike with measles. And that helps, because it means that with measles you'd expect to need a much higher degree of vaccination to achieve herd immunity that with a less contagious virus like cov19. Intuitively: when a case does slip through it's much more likely to explode and infect many others when the virus is measles, than when it's cov-19.
Of course, just because it's an easier problem - hopefully - than measles eradication doesn't mean it's achievable. But at least it's plausibly achievable.
(There are warning signs too; like animal reservoirs which are a factor for cov-19 but not measles, so it's not all roses.)