I have only heard of Albert as a first name. I have never heard of Elbert. They should be pronounced differently. It looks like there is a mountain in Colorado called Elbert when I googled it.

Albert and Elbert sound very much different to me. "Al" and "El" are pronounced as in "Alfred" versus "Elephant" - not even close in pronunciation (for me). BUT, some people called 'Elbert' will want it pronounced one way, and others another way. Also, "Elbert" can be a first name as well as a surname. I *think* 'Elbert' is an old version of 'Albert'. I'm not sure, though.

In general use, they don't mean anything. For most people, names are just names.

Albert is a first name and Elbert is a last name. They sound similar.