https://chemrxiv.org/articles/COVID-19_Disease_ORF8_and_Surf...
Chloroquine prevents the virus from affecting hemoglobin, or reduces the effect. This is also how Chloroquine treats malaria.
The problem with a study on severe cases is that the damage is already done and the hemoglobin is already compromised.
It is best to start treatment with chloroquine prior to reaching the severe stage. By the time you are severe you’ve gotten permanent lung damage and the immune system is in a race condition unable to keep up with the virus.
If you want to detour into tinfoil hat territory, you could posit that these studies on severe patients were designed knowing it would show low or no efficacy, because it’s too late to protect the patient’s hemoglobin.
Azithromycin slows ribosonal RNA replication in bacteria. It is unclear how it helps with a Covid.
Antivirals are much more promising for severe cases, but even they can’t heal ground glass in the lungs.