Is There a Covenantal Version of Penal Substitution?

I don't know if I've ever seen it called this before, but I kind of like a covenantal version of penal substitution. It's often framed in very individualistic terms like God was mad at me was going to punish me. So Jesus, this individual stood in my stead as an individual and paid for my individual sins. The glory does end up returning later in Jesus, but the Israelites are living in a time where they are still in exile.