I have had the Thule Easyfold XT for over two years. I have taken a bike trip down from Washington state to Southern California and back during the last two winters (not this one though what with covid).
With two bikes on the rack there is a 3-4 loss of miles per gallon at freeway speeds. The rear vision is impaired but still okay. With a cover on, the wind resistance of a bike positioned perpendicular to the wind would put huge forces on the bikes, the rack and the car, while further impacting mileage, totally impairing rear visibility, through the center rear view mirror and likely illegally obscuring your license plate, turn lights, and brake lights.
Even covered there will be some water and dirt slung upward through any opening in the bottom of the cover, which will greatly slow evaporation and encourage rust on any steel parts like chains and sprockets.
And yet one more important reason not to do this: Putting a cover on a bike in a 70 mile per hour wind will almost guarantee significant chaff and damage to the finish of the bike, regardless of how many bungee cords you use to keep things from flapping around.
I have a light Topeak cover to protect the bikes on the rack when I can't bring them inside only while the car is parked.