As has been noted, Canada would like to have it both ways by maintaining the flow of international student fees, while keeping them from entering the country as much as possible. The fact that there is no guarantee of approval in the second stage cannot be stressed enough, and good luck getting a refund from the school if you're refused.
Issuing PGWPs to people who have never set foot in Canada is a dubious proposition given that the government is much more interested in getting Canadians back to work right now, and they probably aren't even thinking that far in advance. At best, people can hope that travel restrictions will be eased in time to allow them to complete over 50% of their programs in Canada.