Does the Hadith: "If you knew what I know, you would laugh little and weep much" mean that we are inevitably doomed to punishment?

The aforementioned Hadith is profound and indicates the enormity of the horrors of the Day of Judgment, yet it does not necessitate despair. Rather, it necessitates the fear of Allah Almighty and preparation for that difficult day, so that a Muslim may be safe from Allah's punishment, just as the Companions, may Allah be pleased with them, did.