I don't know how much you are forced to follow laws or church rules.

In most situations here in Europe this function is basically an additional bonus uncle, that can act as an adult for general guidance, love and adult contactperson. Sometimes you have to be present during church stuff (e.g. baptism) if the parents follow that, but in most case this is nothing bothering. As a kid having a godfather is awesome, they can do stuff together, later maybe discuss things the kid/teenager doesn't want to discuss with his parents etc. And more gifts for christmas:)

As I said, I don't know your culture and responsibilities enough. But if it means you have to endure church service from time to time but get to spend time with a mini-human and help him grow, form and understand the world....do it.