The Ripcord has been pulled!

[Sentenzah-sargeras]

They specifically mention

@Kaivax

In terms of the day-to-day player experience, the advantages of a rigid division between Covenants have diminished since Shadowlands launched, while the downsides (feeling disadvantaged in certain types of content, or having to choose between mechanical advantages and aesthetics) have only grown. That balance of factors no longer justifies the original limitations on Covenant-switching, so in 9.1.5 we’re looking to provide a way to circumvent them.

That as well as the ability to swap “without restriction” implies to me swapping and keeping what you earned if you swap back.