It is, kind of. They designed the covers around a model without the adjustment. The fabric is thin and stretchy on the sides, so it has no trouble fitting around the knob, but it does keep you from using the knob unless you leave the strap right below it disconnected, which is what I did.
Dash Designs suggested punching a hole in the fabric there for the knob, but I didn't bother, since I hardly ever change the height.