I had similar issues when I was working on my Commercial. Fun lazy 8’s are pulling up, doing a wingover type of thing, coming downhill, and then doing it again but wingovering (<- probably not a real word) to the other side. The commercial manuever lazy 8 has very little to do with this. It’s a boring, fairly useless manuever in my opinion. That being said, you’re on the right track regarding flying to the targets. Think of it as precisely flying the path in the sky deliniated by the target points. The following link helped me:
https://www.cfinotebook.net/notebook/maneuvers-and-procedures/airborne/lazy-eights
It’s boring, it’s dumb, and it’s required. Don’t worry that the whole thing seems contrived — it is. Just go practice flying that path, and you’ll get it. Stay away from any acrobatic books which talk about the lazy eight. That’s the fun one, and the commercial maneuver isn’t that!
As a side note, the instructor I worked with on my commercial had the hardest time demonstrating the lazy eight to me. He owns and flys a T-6 Texan and does acro. He kept exceeding the pitch and bank limits. That was my problem too. We finally came to the just precisely fly the path approach. Boring, but it works.