Yes, that is the idea with jazz standards although there are many who take the easy route and just play the parts.
I think its a personal thing. I can do all of the things required to make a covers band/tribute band work (and do, just like everyone else here) but, at the end of the day, I (as in me, personally, as an individual, on my own, with noone else involved, by myself, independently of any others) just can't get nearly as excited about doing (or listening to) covers as I do about original work. Even when I buy jazz cds, I tend to avoid 'standards' albums, although thats by no means an absolute. When I play covers, I can enjoy it on one level but my satisfaction is not nearly as great as it is doing something genuinely creative.
But its not all about me is it?