ΔE 15.5, loose: different enough that you should pick on purpose. Elf Skin Tone is a little darker, warmer than Pink Flesh.
Not as a straight swap; see the closer alternatives below. Loose match (ΔE 16). Elf Skin Tone is a little darker, warmer than Pink Flesh.
The same difference applies the other way round: Pink Flesh is a little lighter, cooler.
ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.
See Pink Flesh on the colour wheel See Elf Skin Tone on the colour wheel
All matches: Pink Flesh equivalents · Elf Skin Tone equivalents