Despite Ridley Scott's now infamous claim that Prometheus was not an Alien film - that it was simply set in the same universe but would not tie up with the 1979 classic - its direct sequel definitely knows its place in the wider Alien franchise.
Scott's agenda here very much feels like he's undoing that distancing, and there's a pretty pertinent claim that Covenant is essentially a direct remake of the original Alien. There are certainly major genetic similarities, and just as Michael Fassbender's David forges the Xenomorph out of familiar, recognisable scraps, so too Ridley Scott grafts the defining elements of Alien back together to make Covenant.
It might not be quite as "terrifying" as the marketing campaign is heavily implying, but in terms of story, it's right up there with Alien and Aliens, and while some might complain that it loses some of its impact when it reverts to type as a monster chase movie that's exactly where Alien fans will enjoy it most.
Scott also makes sure to prove that Covenant knows where it came from, featuring Alien universe Easter Eggs on a spectrum from the obscure to the notorious and obvious as well as other cultural references, and spotting them definitely adds something to the viewing experience.