The latter and not necessarily - it would be a similar kind of resource as the SCL/SUL/other module used by lots of programs.
A couple of points about ELFLoader:
1) The manner in which it claims ELF binaries (registered as type &e1f) isn't entirely satisfactory, as this can be modified by other applications.
2) Ideally, it would be rewritten in something other than assembler (the first one to mention BASIC gets shot) to make it more maintainable. Additionally, it would be less painful implementing dynamic linking in C, afaics. I have a version of the module written in C, but there's a few bugs to iron out yet.