My understanding on this subject is that you can make this election on any stream of foreign income. If you have other income besides the source of your 1099-NEC income, you can make an election for that stream of income to take the credit or the exclusion subject to the limitations you have described above. You would not be required to take the exclusion if it is a separate stream of income.
Please review the following sources regarding these elections.
Choosing the Foreign Earned Income Exclusion
foreign income exclusion
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