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You can only legally do cover songs for songs in the public domain.
There is another option that works for some artists where you have to allow advertising on your channel and YouTube will then pay the appropriate royalties to the artist.
https://drummagazine.com/legal-beat-do-you-need-permission-to-upload-a-cover-song-to-youtube/
Prince, The Eagles and Bob Dylan are some of the most aggressive about issuing takedown notices. So I will not do covers of their songs.
drummagazine.com
Do You Need Permission To Cover A Song On Youtube | DRUM! Magazine
Do you need permission to cover a song on youtube? Then read on and know how to upload a cover song to YouTube in the legal way.