As a mother of 6 "child dedications", it stands on the premise of Hannah taking Samuel to the Temple to Eli to dedicate him to the Lord.
I have also been blessed to see 6 children baptized in what I truly believe to be sincere conversions, but in no way did I believe that my children received salvation, or even the promise of salvation at their dedications.

I do feel strongly in covenant theology, but not as a means of conversion. Surely all of David's sons were circumcized, but we know not all of them received the inheritance of salvation.