Pretty much this. Random user is not the target of state sponsored hacking. Targets of state sponsored hacking will succumb to their efgorts anyway. So, yes, cover the cam, if mostly to avoid inadvertent video when joining web meetings.
The cost/benefit equation there seems pretty clear. As a competitor state, his much would YOU pay for the next U.S. President’s private Facebook message history? A million dollars? A hundred million? Trade deals in the billions could be at stake.