We may indeed be about to replay the Permian catastrophe, when life was reduced by about 95%. So what?
The Earth will soon replenish itself from whatever organisms are left to continue the struggle. Mass extinctions seem to be a way for evolution to ratchet up the sophistication of the biosphere. After each such event, the best and brightest, the most adaptable forms that remain are more advanced than the survivors of the previous events, and so life stars over from a higher point of organization.
Its all just part of the natural life cycle of living planets, I think.