This weekend I shot 208 ELD-Ms (Hornady minimum recommended twist rate 1-10") out of my 1-11" Tikka and they stabilized just fine at 800' DA.
So yes, I believe bullet manufacturers are too conservative and don't account for the plastic tip.
Using the JBM Ballistic stability calculator for 208 ELD-M (bullet length 1.535", plastic tip length 0.175"), I get 1.635 stability factor at Sea Level.
Without the plastic tip length (i.e. 0.0"), I get 1.297 stability factor.
The round holes at 200 yards suggest the bullets were stable.
jbmballistics.com