Yes, it does cancel that. Nothing of the old covenant is to be brought back because of the surpassing glory of Christ. Heb 8 on that. The term 'power' in Acts 2 was an administrative term which meant a kingdom was being launched, which we already knew.
What great VanderLaanian told you that?
G1411 δύναμις dunamis (d̮ï '-na-mis) n.
1. force.
2. (specially) miraculous power.
3. (usually by implication) a miracle itself.
{literally or figuratively}
[from G1410]
KJV: ability, abundance, meaning, might(-ily, -y, -y deed), (worker of) miracle(-s), power, strength, violence, mighty (wonderful) work
Root(s): G1410
That word is used in many ways.
Phil 3:10 (AKJV/PCE)
(3:10) That I may know him, and the power of his resurrection, and the fellowship of his sufferings, being made conformable unto his death;
Now you'll probably tell me that His resurrection is a "kingdom" too.
There is nothing close to this kind of material in the NT about your Davidic theocracy. Or else the apostles were just absent minded. There is scant reference to it all through church history until the 1800s. That's when 2P2P was invented.
Once again, your completely bogus "everything must be repeated or it's cancelled" interp is just that: BOGUS.