While I definitely won’t argue against habitat being the biggest concern, I feel like I have recently read about a study noting significantly lowered pregnancy rates in elk herds with heavy wolf pressure...might have even seen it here, but since I can’t remember for sure, I might also be talking out my ass.
I would assume that increased harassment of elk during winter would lead to some loss of calves, but again, if cows are healthy going into winter (habitat) and have secure escape cover (habitat) they can rely on eons of evolutionary conditioning to avoid predation.
The Absoroka-Elk ecology project out of Wyoming was pretty clear that wolves aren't necessarily pushing elk around, so much as following elk that are moving to select the best forage, which in that study area, meant selecting higher protein crops than what was available on public lands.