I thought the pulling the wearer into the other realm was part of the lore, that's why it wouldn't work the same on elves or a wizard, they are already part of that realm. So I'm agreeing I just thought I saw on tolkienfans it was the intended reading of the situation but I can't remember if it was just theory from letters or something he wrote about.

Also why Frodo saw such a bright light when rescued at the Ford, he saw the elf, Glorifindal? As he was in the other realm. Also showed why that elf couldn't go on the quest with them, he'd be like a beacon.