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Yep, that's all covenants do, enable delegation theater to centralized Bithereum-like Fake L2 apps, it's an application stack feature not a monetary one.
I expanded on that a bit here
nostr:nevent1qvzqqqqqqypzqvckud5kme6d8x2ezfaemppd74aam3w3c7hc5p83h3awmq95g5ygqy88wumn8ghj7mn0wvhxcmmv9uq3yamnwvaz7tmwdaehgun4v5hxxmmd9uqzpld533l5sylnpnmvrlxg9djqj8qawtpr7zyvcursfajry6nwtaxpk5he4r