Late Contribution Correction Question

If a few payrolls from 2024 have been identified as late, is it correct that we only report the late ee deferrals on the 5500, but calculate earnings on both the late ee and er deferrals when processing the correction to make participants whole?

Does "er deferrals" mean the corresponding match?

Yes, the employer match contributions. 

then yes, while the 5500 is asking about the late employee 401k amounts, but your actual corrective measures for the match include earnings on top as well.