The configuration of the pipe stub end inside the socket weld means that the joint stress "flow" is from the pipe wall through the fillet weld around the pipe into the end of the socket fitting of the elbow, then down into the socket weld fitting wall and around the corner.
Thus, the very end of the outside of the orginal pipe wall - which has been removed by the butt weld pipe preps in your case - does not "see" any of the pipe weld stress that is coming through the joint.
However! If your pipe wall is very thick, or the butt weld pipe wall prep is ground improperly (so the current prep IS going to be welded over), then you MUST fill out the pipe wall (butter it up to near-nominal in the vernacular) BEFORE fitting up the joint as described above. Remember to account for and maintain the 1/16 to 1/8 gap between the end of the pipe and the bottom of the socket weld fitting before welding begins..