If as they (Reformed Christians) say that being a part of the covenant is not per se automatic salvation of that person/ baby-and infant baptism makes one part of the covenant (if the infant is the natural child of the Christian parent)- SO baptism to covenantal theology is not a symbol of salvation-or that person is a saved person. So there is a disjunction here in Reformed Covenant ttheology.
The problem is in the New testament -baptism (like in Romans 6:4 and Colossians 2:12) is a symbol of salvation.
In order for the magisterial Reformers to saved their society from the onslaught of the Catholics-they constructed a man-made covenantal theology and then made baptism a New Testament counterpart of Abrahamic /OT circumcision. But in truth-it is not. Never did once did Apostle Paul said that against the Galatian heretics that Christians should no longer be circumcised because they were already baptized.
Circumcision without hands is the NT counterpart of OT circumcision. Regeneration or being born again is its NT equivalent-not baptism.