Elision of final long vowels is not that rare, at least not as a general matter. "Elision and Hiatus in Latin Prose and Verse", by E. H. Sturtevant, says that it's more accurate to say that "elision is most frequent before short vowels of syllables long by position" (page 43; The Classical Journal
Vol. 12, No. 1 (Oct., 1916), pp. 34-43 (10 pages) https://www.jstor.org/stable/3287750).
Since "et" comes before "levi", it would constitute a syllable long "by position" and containing a short vowel, so this is in fact the context where Sturtevant says elided final long vowels are most frequently found. If Sturtevant's description is accurate, it doesn't seem to be an exception at all to the general tendencies (although Sturtevant is not talking specifically about Horace).
In this case, there's the additional complication that some authors have proposed that "et" could be subject to prodelision, like es or est. As far as I know, the hypothesis of prodelision before et is far less accepted than in forms of sum, and I'm not sure how plausible it is. I've only seen it raised as a possibility in "Hypermeter and elision in Virgil", by G.P. Goold (2002, in Vertis in usum: Studies in Honor of Edward Courtney); Goold (page 89) cites F. W. Shipley (1924) and Soubiran as supporting "obstipui, steteruntque comae't vox faucibus haesit" instead of "obstipui, steteruntque com'et vox faucibus haesit" for Virgil Aeneid 2.774.