As the performer/recording owner, you are entitled to revenue from the recording (master) side:
Master royalties from streaming/downloads – Paid by your distributor when people stream or buy your recording.
Revenue from YouTube Content ID or TikTok usage – If your distributor/label collects this, you can earn from ads or background use of your recording.
Neighboring rights (in some countries) – Payments for broadcast or public performance of your recording (collected by neighboring rights societies).
With that said, you are not eligible to receive any of the royalties paid out by the PROs or the MLC.
IMPORTANT NOTE: To release a cover in most countries (including the U.S.), you need a mechanical license. This license ensures the original songwriter gets their share of mechanical royalties. In the U.S., agencies like Harry Fox Agency or services like Easy Song Licensing can issue these. Many distributors (e.g., DistroKid) also help clear cover licenses automatically.