Stef
STEF SZN
Why are you giving incorrect copyright advice in the copyright forum?
*snore*
In my experience, I've uploaded multiple cover of songs on my channel (un-monetized) and have had no issues. YouTube isn't nearly as stringent in regulating copyright rules when it pertains to doing cover songs as people like to pretend. If you're uploading the full original song, music video, etc. then yes you will have issues. There are YouTubers who have made careers out doing covers of popular music...it would be naive to assume it's a impossible thing to do without getting in trouble.
At worst, the label or publishers will put their own ads on the video to profit from.