I haven't checked, but i doubt it has updated covers. Is installing the afm shield part of making the new covers work as intended? Or is that an extra precaution?
It is a separate factor. The conclusion the GM engineers came to was there was a chance the AFM pressure relief valve, under certain circumstances, could spray oil into the lower part of some of the bores of the cylinders, causing an accumulation of oil on the rings from the underside, exacerbating the stuck ring syndrome identified as part of the excessive oil consumption downward spiral.
It seems to be the consensus opinion, at least on the internet, that the valve cover is the biggest single improvement you can make in the area.
If you are burning oil due to stuck rings, then freeing them up (or replacing them) will be needed to fix the oil consumption once and for all. But if you are just burning oil because your valve cover is funneling oil through the PCV and back into the intake, the valve cover may be all that is needed to stop the downward spiral and correct the lion's share of the issue.
PS - The updated valve cover is model year dependent (a couple of different orifice sizes in the PCV), so if you decide to do the update, make sure you get the right one for the yr/model engine.