Hi Liz,
hope you had a good Christmas.
The person who filled in the pages of the census records, that were filmed for Ancestry, just had to write down what the people told him, whether it was true or not.
On the other hand, ages on death certificates won't necessarily always be accurate either - depends on how long or how well the informant knew the deceased. I've still got one surviving aunt - she must be over 80 but if anyone asked me to be precise, well...
It does seem possible for the elizabeth you're looking for to be the niece of the 50 year old on the census. Brother John has a daughter living with him, Lily La F (could be La T? for Trobe?) and could have another called Elizabeth La Trobe. I couldn't find her in the 1901 census either - perhaps she was back in Ireland?
Don't know if I've just repeated what you know all ready - good luck all the same.