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Animal welfare has much higher EV even under conservative assumptions. IMO only plausible argument against is that the evidence base for animal welfare interventions is much worse, so if you are very skeptical of unproven interventions, you might vote the other way. But you'd have to be very skeptical.
I get the sense that GiveWell would not recommend any animal welfare intervention (nor would they recommend any x-risk or policy intervention). But I don't think that's because they think any intervention that doesn't meet their standards isn't worth funding—they fund a lot of more speculative interventions thru Open Philanthropy. I think GiveWell wants to be viewed as a reliable source for high-quality charities, so they don't want to recommend more speculative charities even if the all-things-considered EV is good.
(I'm just speculating here.)