Ofc I tested it with corresponding builds.
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Reforges are the same (4 warding and 3 menacing)
For test I summoned ML, and left only core and attacked that core, started attacking core at 7:30pm for both tests. Didn't use any flask for terrablade. But used all other buffs available. For terrablade I kept distance to use only projectiles. Didn't use shroomite armor set bonus because standing still in real battle seems a bit unrealistic for me, its set bonus is unusable outside multiplayer. It was on godmode so I didn't miss for elf melter for sure (literally standing still) and pretty sure didn't miss with terrablade because it's really hard to miss.
Screenshots not exactly on kill, but tried to capture same death animation frame. So maybe 1-2 sec difference because of it.
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Terrablade is just better even without using melee attack. Would be a bit better for elf melter vs enemies with less armor than ML core (but don't forget I didn't use ichor flask for terrablade), but I don't know how did you get 2x damage from elf meler vs terrablade projectiles.
But my point isn't complaining about terrablade being stronger, it's terrablade's problem, pretty sure it's stronger than all loot from the frost moon. For me it was just ridicolous that terrablade is better in ranged combat than actual ranged weapon from later stages of the game.
With such short range it doesn't offer anything to compensate it. Damage is ok but nothing special,