Won't work straight out of the box, on non of the Proton versions. I managed to get Elite Dangerous to work on this version using the tweaks provided by others:

1. Install Matokings' protontricks from Github with the pipx guide.
2. Run 'protontricks 359320 -q dotnet40 win7' in a terminal after installing protontricks. (This will install .NET 4.0 and sets the prefix to Windows 7 for Elite Dangerous).
3. Run the game as you would normally through Steam on Proton 4.11-7. Works for both ED and ED Horizons.