Honestly, It isn't good for tracking the attendance either. There is no clear way to get a summary. The only way I've found to make it work requires exporting the data and pasting it into a spreadsheet with pivot tables that then provides attendance summaries.
The problem is that you cannot get it to do what the OP wants. I've been trying to figure that out for years and there seems to be no indication that Canvas will ever receive an improvement to the attendance tool.
To achieve the OP's goal, one has to keep attendance to then look at the final grade in the Gradbook and manually deduct any penalties before turning it into our university's Banner system. This means that students then get confused when their final grade doesn't match what they see in Canvas.