We are discusing two different things here, a violation which falls under the rule below and specifically says that Feinting or moving it to prevent a held ball or loss of control shall not be considered excessive.
Which I would presume to mean that if the defender is trying to get to the ball, the offensive player can pivot or move the ball to maintain control exempt from this guidline. If the defender is just standing there with their arms elevated in perfect defensive position then we could have an issue.
SECTION 13 EXCESSIVE SWINGING OF ARM(S)/ELBOW(S)
ART. 1 . . . A player shall not excessively swing his/her arms(s) or elbow(s), even without contacting an opponent.
ART. 2 . . . A player may extend arm(s) or elbow(s) to hold the ball under the chin or against the body.
ART. 3 . . . Action of arm(s) and elbow(s) resulting from total body movements as in pivoting or movement of the ball incidental to feinting with it, releasing it, or moving it to prevent a held ball or loss of control shall not be considered excessive. PENALTY
Section 13) The ball is dead when the violation occurs and is awarded to the opponents for a throw-in from the designated out-of-bounds spot nearest the violation. (See 6-7-9 Exception d)
With regard to a foul either PC or on the defense, that determination is made based on the players position on the floor as well as the advantage disadvantage principles we abide by, and if the swing of the elbows is excessive then the foul would need to be called Intentional/flagrant if PC.
What people fail to realize in most cases based on the Fed rule, if the defender is trying to get at the ball the offensive player has the right to move the ball around to avoid the defenders aggression, and it is not considered excessive. When there is contact within the vertical plane of the offensive player the foul would be on the defense. If the offensive player pivots to the defender and contacts them it would be player control.
This rule is not called more often IMHO because it is misunderstood, the time when people want it called is usually when it should not be called.