The latter argument seemes flawed.
If you are a 300 ELO player playing against a 150 ELO player and a 400 ELO player and you get 2nd then it is not relevant who of your opponents will win.
If the 150 ELO player wins, you lose many points but you gain most of them back by beating the 400 ELO player.
If the 400 ELO player wins, you lose less points but you gain even less back by beating the 150 ELO player.
In my example the ELO average is (300+150+400)/3= 283 ELO. Thus you are a bit above the average and should place a little bit better than 2nd place. In case of a 2nd place you will therefore lose some points (but only very few). The order of the other players does not matter for your ELO loss.
If you are a 300 ELO player playing against a 150 ELO player and a 400 ELO player and you get 2nd then it is not relevant who of your opponents will win.
If the 150 ELO player wins, you lose many points but you gain most of them back by beating the 400 ELO player.
If the 400 ELO player wins, you lose less points but you gain even less back by beating the 150 ELO player.
In my example the ELO average is (300+150+400)/3= 283 ELO. Thus you are a bit above the average and should place a little bit better than 2nd place. In case of a 2nd place you will therefore lose some points (but only very few). The order of the other players does not matter for your ELO loss.