Possibly both options can be right, depending on who you are.
I've provided that caveat every time I present my argument.
I just looked at Elite's description in Steam, and I can actually see your "both options can be right" in the first two paragraphs. First paragraph:
"Elite Dangerous is the definitive massively multiplayer space epic, bringing gaming’s original open world adventure to the modern generation with a connected galaxy, evolving narrative and the entirety of the Milky Way re-created at its full galactic proportions."
Okay, by the above definition alone, X4 is obviously not a competitor to Elite Dangerous. But when looking at the next paragraph and focusing on gameplay, I continue to argue that it is:
"Starting with only a small starship and a few credits, players do whatever it takes to earn the skill, knowledge, wealth and power to survive in a futuristic cutthroat galaxy and to stand among the ranks of the iconic Elite. In an age of galactic superpowers and interstellar war, every player’s story influences the unique connected gaming experience and handcrafted evolving narrative. Governments fall, battles are lost and won, and humanity’s frontier is reshaped, all by players’ actions."
Here's a slightly edited version to make it X4 compatible:
"Starting with only a small starship and a few credits, the player does whatever it takes to earn the skill, knowledge, wealth and power to survive in a futuristic cutthroat galaxy and to stand among the ranks of the iconic five star pilots. In an age of galactic superpowers and interstellar war, the player’s story influences the unique interconnected gaming experience and handcrafted narratives. Governments fall, battles are lost and won, and humanity’s frontier is reshaped, all by the player's actions and thousands of persistent, active NPC ships and crew."
So yeah, both options can be right, depending on which paragraph is more important to you as a player. For me, it's the second paragraph.