This makes quite a bit of sense, as Covenant seems like it has tenuous connections to Prometheus, but at this point, they still make very little sense.
With Awakening, Scott will seemingly go back and flesh out the middle of the story in a way that enhances the first and second movies, as well as the other entries in the Alien franchise.
Alien: Covenant star Katherine Waterston cut Ridley Scott off during his explanation of the current Alien continuity to Fandango due to her fear that he was giving too much away, but not before he made one thing very clear: the next film will seemingly be titled Awakening, and it will take place between Prometheus and Covenant.