The fit through the body is great for a modern shirt fit, but the sleeves are just way too tight around the elbows. A little extra room there would make for much less creasing, a more comfortable fit, and less chance of the sleeves riding up with wear. It's one of the problems I had in my first shirt which I hope to have rectified in my second order.
Timotheus's shirt has the same issue, but not nearly as bad as yours. Test is if you can roll up the sleeves past your elbow and have them sit there comfortably; his shirt might be able to accomplish this but yours probably isn't capable of the same.
My shirt is quite comfortable in the sleeves. I used to have my older MTM shirts (not from Luxire) even tighter, but soon realized that they were way too tight and I needed to make adjustments. The red white plaid oxford has the exact same measurements as the sky blue oxford, and that shirt didn't wrinkle as badly as the sky blue did, probably because of a difference in the cloth. I don't like a lot of excess material in the sleeves, and as long as I can move and bend my arms freely without feeling restricted, then I'm happy. If I noticed that my elbows were busting through the sleeves or I couldn't comfortably bend my arms, then I would definitely increase the measurement there.