If Batth's leadership were an actual factor then you'd think you'd have seen a tangible difference in that respect from the Middlesbrough, Derby, Hull, Cardiff and Brentford games. There hasn't been any difference at all. He's just done a good job while Boly has been out. And credit to him for that. He's played well. Some think he should be ahead of Miranda, others disagree.
His leadership (such as it is) is a total non-factor, he doesn't organise, he doesn't do all the tub thumping stuff (not that I want our players to do that), it's pure symbolism. If you'd given the armband to Neves for all of our league games for the last two months then the results would have been exactly the same.
He does great work in the community as club captain and it's understandable why he has retained that role.