The problem is it's not so clear if "well, at least he'll be better than Covey" is even true anymore, let alone if he's better than Bellatti or whoever loses their spot once Alvarado comes back (or if they want to add someone in a trade). Covey has a 2.57 ERA in July and a 3.63 ERA as a reliever (that one start is where the overall fat ERA comes from).
Covey's game log since June (he made one relief appearance in May and that one disastrous start, 7 runs in 2/3 of an inning) is
4-2 win over Nationals (bullpen game, he blew a lead in and then won it)
9-0 loss to LA
9-8 loss to Arizona (bullpen game, he took the loss)
And then six appearances between June 20 and July 20: 1 blowout win and five Phillies losses in which he pitched between the 7th and 9th inning. In three of those five losses the Phillies still only trailed by two runs and he didn't allow any additional runs. The other two were mop-ups (the 8-3 loss to SD, the 4-0 loss to MIL).
On the one hand I'd say they can't really "hide" Song; on the other hand having a better or worse pitcher than Covey wouldn't have changed the outcome of those six games. But we wouldn't have liked it if those two-run deficits had turned into four or five.
Sanchez's emergence has also been huge, clearly. No more bullpen games; no more exposing your last guy in the pen to the middle of winnable games.