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Yeah, that's my take too. Present Cap doesn't want to hurt his past self, and his past self is going all-out because he thinks he's fighting Loki.
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Given what they did with Carol, Avengers Endgame would have been better off without her. She added nothing to the story that Hulk or Thor couldn't have covered for a better emotional payoff.
The supporting cast getting a moment in the spotlight like Black Panther, Spider-Man worked fine. But Carol one-shotted Thanos' capital ship and then went on to beat Thanos down until he saved himself with an Infinity Stone punch, and it just felt like meaningless action to me. That's fine in a lot of movies, but Endgame is a different emotional beast.