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Yes, the DPM Recoil Rod Reducer System for Springfield will work in a Springfield XD-M Elite with a 4.5" barrel. You will need model MS-SPR/5.
I don't have real world application, but according to the DPM website they do have a separate version specific to the XD-M Elite 4.5" OSP. Note - I know it's called the "4.5" but the barrel is NOT 4.5", it's a 5.28" threaded barrel. The DPM SKU for the XD-M Elite 4.5 OSP is 1000237; the one you're referring to rated for the XD-M 4.5/5.25 is SKU 1000047. Is 5.25 that far off from 5.28 to be "good enough"? Maybe - I'm just letting you know they do actually make one specific for the 4.5 OSP so that communicates to me that DPM believes it was far enough off to be worthy of a unique product SKU