From what I have seen the ELD bullets kill amazingly fast but make a mess doing it - those two things are related of course.
Below maybe 2400’ or so they penetrate more, with less dramatic wounds.
My advice, worth what it costs, if you shoot any ELD type bullet shoot the heaviest one made. This minimizes your MV and mitigates splashiness on close shots while retaining speed on long shots. Avoid shoulders if possible and know that if you hit a shoulder, it’s dog food.
If you’re going to shoot a high MV cartridge at animals at closer ranges, like 0-300, ask yourself why. It simply isn’t needed. You could always shoot bonded or copper bullets up close and save the ELD for distance though I hate swapping loads.
Also - bullets do weird things. I hit an elk in the heart, broadsided, with an Accubond a couple years ago at fairly low speed (2400’?) and got bloodshot under the near side hide all the way back to the kidney area. Otherwise moderate expansion and good penetration. No idea why that weird lateral bloodshot streak happened.
ETA: Look at it this way: If you choose the ELD bullets for long range opportunities, and then need to shoot something up close (which is common for most of us, I'd think), either a) wait for a shot through the ribs, or b) if it's big and you need to take whatever shot he offers, don't worry about losing part of a shoulder.
Also, to be honest, after shooting several deer with ELDX and now a couple with ELDM, I struggle to believe that the minor differences in bullet construction between the X and the M translate into any quantifiable, consistent difference in how they perform. If you think the M is too splashy the X isn't going to be much better, if any.
Like, if you were shooting the .284" 162ELDM and thought it was too splashy, switching to the 162ELDX wouldn't be significantly better, but switching to the 180ELDM and dropping some MV, might help a ton. YMMV.