I'd say he was more than just a distraction. The prequels handled Weyland's character poorly, in my opinion. I figured him to be a very strong-willed and ruthless man, not interested in philosophical stuff. What the prequels gave us was more along the lines of some rich dude waxing philosophically about our creation and who's scared to death of...death. His final scene in Prometheus where he's got David asking for him to be saved was pathetic. I think his character deserved far better than that.
Had he been the age in Prometheus that he was in Covenant, and written to be an absolute jerk who crushed everyone that got in his way of obtaining the engineer's technology (not immortality), it would've added alittle more to the film. Wey-Yu wanted the xeno for its weapons division, this is what I figure weyland was like. I easily could've seen him wanting to take the engineers tech and pointing a gun at the head of anybody who had a problem with it.
But then you'd have two people with God complexes running around. Maybe David would've wound up killing him. A small set piece where Covenant Weyland and David are trying to kill each other would've been interesting. After all, david did say everyone wants their parents dead right? It would've given so much more meaning to that line had that been the case. Maybe if Weyland had been re-written that way, David's motives for being who he is would be based on more than a rampant AI, but character traits he learned from his "father". "Weyland never let anything stand in his way, neither will I".