This is a very good point to remember in general -- that to get the most out of a steel, you have to match it with an appropriate knife platform (folding vs. fixed, lock mechanism, blade size, thickness, grind, etc.). In this case, though, I'd have to disagree: Elamx is an excellent all-around steel for folders, and although it has very good toughness for a steel with high wear and corrosion resistance, it's not at such an extreme of toughness that you need a really big and/or thick blade to do it justice.
By contrast, I'd totally agree if that same point was being made about something like CPM-3V, which has such ridiculously high toughness that you'd really need a fixed blade rather than a folder to take full advantage of it. With pretty much any folding knife platform, other parts -- especially the pivot -- would fail long before 3V would even come remotely close to doing so.
Another way to address these issues -- probably not an option with production knives but definitely one with many customs -- is to tailor the HT to the application/platform that the steel will be used in. In the case of steels with good or great toughness, the main thing that would involve is running the steel at a higher hardness than what's normally found in production knives (say, Elmax at 62 HRC, 3V at 64 HRC), which would give a boost to wear resistance while still leaving the steel with more than enough toughness for use in a folding knife platform.