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SPSecurity.RunWithElevatedPrivileges( () => {
    using( var newSite = new SPSite( site.Url ) ) {
        // your stuff
    }
});

Is equivalent to :

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using( var newSite = new SPSite( site.Url, site.SystemAccount.Token ) ) {
    // your stuff
}

So if this is just to open an elevated privilege SPSite, it will be equivalent. But if you do some more complex things, as soon as you load a new SPSite it will open it with the original UserToken. And you lose…