I read that as if any part of the elbow is shallower than 18", it fails.
Otherwise, with a large enough bend you could have more than half the elbow entirely above the ground in your interpretation.
Exception No. 3: A metal elbow shall not be required to be
connected to the equipment grounding conductor where it
is installed in a run of nonmetallic raceway and is isolated
from possible contact by a minimum cover of 450 mm
(18 in.) to any part of the elbow or is encased in not less
than 50 mm (2 in.) of concrete.
Wording is used very specifically throughout the NEC. It would be clearer reading something along the lines of:
a minimum cover of 450 mm (18 in.) to every part of the elbow