I don't see what makes the Evo non aero or a aero larp because it's cheap.
I think people have complaints about various things but no one has said it's slow aerodynamically. Cam Nichols had it as his fastest bike in a descent he tests aero on, and he wasn't too keen on it overall.
My thesis statement on the Elves Evo's aerodynamics is that it's a bike designed and marketed as a full-on aero road bike but if you closely examine the design itself, it seems to ignore many important principles of aerodynamics and other important considerations, and does so in such a way that prioritizes the aesthetics of aerodynamics over things that actually make it aerodynamic. This is why I call it a LARP: it's trying very hard to play the part, without substantively doing so. This "aero aesthetic" compromises other important qualities, specifically comfort, stiffness-to-weight ratio, and ease of manufacture. If an aero bike is designed carelessly like the Evo appears to have been, then all this added weight and complexity is squandered as you'll find other substantially lighter and more comfortable bikes that are just as, if not more aero.
You see western brands making this point. We have bikes like the Cannondale Supersix Evo 4 and the Tarmac SL8, which are "all-round" frames that compromise the aero aesthetic, but nonetheless are just as (if not more) aero than the full-aero frames produced by the same brand (see Tour Magazin tests thread on WW). To me this is a clear signal that the most substantial aero gains are to be made not in deep section tubes, but instead through careful implementation of aero design focused on surfaces that meet clean air. I'll get into what these features are in the next paragraph, but I'll make the point now that I doubt the Elves Falath Evo is substantially more aero than it's predecessor, or competing frames like the ICAN A22, Seka exceed, Blize, etc.
Really I have 4 big criticisms of the Elves Evo design: rectangular tube profiles, headtube and fork junction with huge cross-sectional area and bad design, enormous gaps between tires and the frame cutout, and no bottle fairing.
Rectangular tube profiles: I don't really need to explain myself here. It's objectively not as optimal as tubes with round leading edges.
Headtube: arguably it's the most important part for aerodynamics. Everyone else is working to make the headtube as narrow and aerofoil-shaped as possible. The Cannondale Supersix Evo 4 is a great example. Much ink was spilled over the specialized speed sniffer. We've known the headtube is important since forever ago, just look at the Specialized shiv from 09, which had a big nosecone strapped to it. In contrast the Evo has the widest headtube I've ever seen. Oversize bearings and no effort to taper the headtube between them. The headtube cross section is short and distinctly not-aerofoil-shaped. AND the fork crown is crazy thick.
Cutouts: cutouts work great, but they only work if the gap is minimized. Bikes that aren't trying to optimize the cutout simply don't have a substantial one (see the latest Specialized Shiv). On the other hand, the Evo pretends to have fully-faired wheel cutouts, but then in a bid to get 32mm of clearance, spoils the party with enormous spaces between the wheels and frame. This obviates the cutout entirely. It would probably be just as aero to have little to no cutout at all in this case. But the Evo has them, because the Evo is committed to the bit and needs to look like an aero bike.
Bottles: We all ride with bottles. Bike manufacturers have finally caught on to this and started fairing the bottle with the downtube instead of mounting the bottle on the trailing edge of an aerofoil like they used to, which totally spoils any aerodynamic benefit you'd get from the tube section. Elves seems to have not gotten this memo.
Now, this is just me and my eyes looking at the frame. I'm sure it's more aero than other frames. I am definitely sure many frames are more aero than the Evo. And most of all, I do not think the Evo is a good bang-for-buck in terms of aero performance for the weight and money it costs.