Advantage works in Soccer because of how valuable possession is and how much you can reset plays etc, but given how small the playing surface is and how quickly possession changes in hockey...I dont know if refs will successfully navigate that. That is, I think if we had a rule where it was up to the refs discretion as to if theres a potential scoring chance or not, they would often mess it up and blow plays dead that they shouldnt. Having them watch for a possession change is a lot less complicated and honestly works. Its not perfect but its at least consistently applied.
I disagree with your framing though, "a denied scoring chance being restored" (paraphrase) is more applicable to penalty shots in my opinion. The current rule moreso provides for the non offending team to maintain possession and not be punished by the opposition committing an infraction. In that paradigm, the current implementation is perfectly adequate.
A more accurate system (that the refs would absolutely mess up) would be that if the penalty taken prevented a scoring chance, then a penalty shot should be given, and if the penalty had nothing to do with a scoring chance then the play goes until the offending team gets possession as to not punish the non offending team by blowing play dead when they have the puck. I prefer powerplays to penalty shots so I like what we have now.