Solution
NI-ELVISmx provides driver support for NI ELVIS II series and NI myDAQ hardware where
NI ELVIS III Software Bundle includes the main software you need to build embedded applications for the NI ELVIS III, including LabVIEW, LabVIEW Real-Time Module, LabVIEW FPGA Module, LabVIEW ELVIS III Toolkit, Multisim, and others (all the software included in this bundle can be checked in the
Readme and Release Notes). The last version available for this bundle is 2021 SP1 because this is the last version available for the LabVIEW ELVIS III Toolkit. However, you can use your ELVIS III without the LabVIEW ELVIS III Toolkit and with the most updated versions of LabVIEW and its modules (i.e. Real-Time Module and LabVIEW FPGA Module).
There are no issues with installing both the NI-ELVISmx driver and the NI ELVIS III Software Bundle on the same PC.