I agree but I think Dew is using Davies almost like the way GWS used Jacob Hopper in 2016 when they were overflowing with high quality young mids and were able to qualify for their first ever finals campaign. Despite the competition, Hopper managed to keep his spot in the team when healthy. He averaged around 15 disposals that season which isn't really anything to rave about when you're a top 4 team and you've got other mids like Ward, Coniglio, Kelly, Smith, Scully and Griffen regularly getting 20+ touches. Leon Cameron stuck with Hopper throughout that season and gave him invaluable AFL experience which included two finals matches and that later led to Hopper becoming a 25+ disposal machine later in his career. Davies is pretty similar to Hopper in the sense that both are big bodied ball winning mids that came through the academy system and became top 10 picks (Davies was predicted to go top 10 in his draft class) so I can see this playing out very similarly.7 possies and a goal is still not enough IMO. Obviously others may feel different.
tl;dr - Is Davies playing well enough to deserve his spot? Probably not. Will playing him now pay dividends later? Pretty safe bet.