I don't think so. Bounds in Qt always mean a rectangle, so bounds in the ellipse item is probably a rectangle holding the ellipse, not the shape of the ellipse. For some elements you could have a shape() method, but then calculating a shape of an object that is a bit more complex than an ellipse is again very time consuming. Especially that the shape can have holes inside, which makes it even harder to calculate (try calculating a shape of the character "&" for example).
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