It all depends on how you would define an "all body muscle workout."
Walking is an all body muscle workout. If you were to sever any one of most of the muscles in your body, it would greatly impact your ability to walk normally.
However, activities like walking and elliptical training will, by and large, rely on Type I (slow-twitch) muscle fibers. For a brief explanation on Type I vs Type II muscle fibers:
Fast and Slow Twitch Muscle Fibers
An activity like high-resistance weight training, on the other hand, will tend to develop Type II muscle fibers.
So yeah, while the elliptical may engage a large percentage of your muscles, it is primarily engaging only a certain type of muscle fiber within those muscle groups.
If you are looking to progress in terms of size or immediate strength, it doesn't make a lot of sense to target Type I muscle fibers. This is one of the reasons why body builders lift weights instead of spending hours on an elliptical.
Hopefully this addresses your question.