The default value of cape-elisp-symbol-wrapper should contain (org-mode ?~ ?~) instead of (org-mode ?= ?=). Here's an excerpt from Org Mode's manual (info "(org) Emphasis and Monospace"), suggesting that ~ is for code while = is for verbatim:
You can make words ‘*bold*’, ‘/italic/’, ‘_underlined_’, ‘=verbatim=’
and ‘~code~’, and, if you must, ‘+strike-through+’. Text in the code
and verbatim string is not processed for Org specific syntax; it is
exported verbatim.
Sometimes, when marked text also contains the marker character
itself, the result may be unsettling. For example,
/One may expect this whole sentence to be italicized, but the
following ~user/?variable~ contains =/= character, which effectively
stops emphasis there./
The default value of
cape-elisp-symbol-wrappershould contain(org-mode ?~ ?~)instead of(org-mode ?= ?=). Here's an excerpt from Org Mode's manual(info "(org) Emphasis and Monospace"), suggesting that~is for code while=is for verbatim: