From prior looking into and reading up on this particular Form, and from the IRS guidance, this is an election for the tax payer to defer a portion of their SE Tax (as I think you already know). Since you are not allocating any portion directly to the "covid inception" time in 2020, the calculation will go through as it usually does for SE Tax.
Many people were applying for the SE Loan back in March, 2020, and therefore now it is an election to defer some of these costs to the taxpayer. I think you made the right choice and I have not come across anything in the IRS Instructions to indicate that this is required to elect:
IRS and 2020 Deferral of One Half SE Tax Explained
I hope this helps!
