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No, Isabella is still a variant of Elizabeth. I have a feeling that the idea that Isabella means "beautiful" has something to do with Isabella "Bella" Swan from Twilight. Bella means "beautiful." Isabella doesn't. It has the same meaning as Elizabeth.

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It's a lovely name. I'm just putting the information out there because, since you say that you're picking names in part for their meanings, I don't want you to be misinformed.