Proposed resolution:

This wording is relative to N4981.

1. Modify [range.elements.iterator] as indicated:

   namespace std::ranges {
     template<input_range V, size_t N>
       requires view<V> && has-tuple-element<range_value_t<V>, N> &&
                has-tuple-element<remove_reference_t<range_reference_t<V>>, N> &&
                returnable-element<range_reference_t<V>, N>
     template<bool Const>
     class elements_view<V, N>::iterator {
       […]
   
       static constexpr decltype(auto) get-element(const iterator_t<Base>& i);     // exposition only
         noexcept(noexcept(std::get<N>(*i))) requires is_reference_v<range_reference_t<Base>> {
         return std::get<N>(*i);
       }
       
       static constexpr decltype(auto) get-element(const iterator_t<Base>& i)      // exposition only
         noexcept(noexcept(std::get<N>(*i)) &&
                  is_nothrow_move_constructible_v<tuple_element_t<N, range_reference_t<Base>>>) {
         using E = remove_cv_t<tuple_element_t<N, range_reference_t<Base>>>;
         return static_cast<E>(std::get<N>(*i));
       }
   
     public:
       […]
   
       constexpr decltype(auto) operator*() const
         noexcept(noexcept(get-element(current_)))
       { return get-element(current_); }
   
       […]
     };
   }
   

   […]

   static constexpr decltype(auto) get-element(const iterator_t<Base>& i);

   -3- Effects: Equivalent to:

   if constexpr (is_reference_v<range_reference_t<Base>>) {
     return std::get<N>(*i);
   } else {
     using E = remove_cv_t<tuple_element_t<N, range_reference_t<Base>>>;
     return static_cast<E>(std::get<N>(*i));
   }