Wouldn't elevating the arrow above your bow hand pivot point make it less forgiving left/right and up/down? And magnify any torque?
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That's a good point. The main thing that die-hard off the shelf shooters like, which includes most of the people on this forum, is that canting the bow when shooting off the shelf has less effect on left-right accuracy than it does shooting from an elevated rest. However, this is assuming your form is otherwise good.
As Petrichor mentioned, shooting off an elevated rest is more forgiving of poor release, and possibly other form errors. I'm not sure an elevated rest is any worse with torque. Might be better, because torque might cause the arrow to fall off the rest, which would at least give you a warning that you're doing it. I know if I shoot off an elevated rest, I have to be careful to keep my drawing hand relaxed or the arrow falls off the rest, which I ought to be doing anyway, but it's not so noticeable shooting off the shelf. Some rests are hooked so the arrow doesn't fall off as easily, but I think that sort of defeats the purpose of shooting off an elevated rest, which is to reduce any interference from the bow. Tournament shooters adjust their rests so the arrow is just barely balanced on the rest, with no part of the rest sticking out beyond the arrow.
All in all, I would have to say that shooting off the shelf is better for hunting with a trad bow, because it removes a finicky gadget that can break or go out of whack, plus is more accommodating for canting the bow. Shooting from an elevated rest, especially with a cushion plunger, allows target shooters a little more precision, and they don't cant their bows anyway.