(Note to admins: there's no "Elipsa 2E" choice in the dropdown prefix menu.)
I took the plunge and bought a Kobo Elipsa 2E, and love it. But there was no way I was shelling out Cdn$90 for the official cover. I found this third-party one on Amazon.ca for Cdn$17 (after applying the proffered $1 coupon), and it's really nice.
The trench at the side holds the stylus (and there's a little cutout at the bottom middle of the trench that makes it easy to use a finger to pop the stylus out). The sleepcover on/off function works flawlessly.
https://www.amazon.ca/dp/B0BH8H514K