Um, no, it gives a 9.75% chance, same as 2 d20's rolls for advantage. You either get a crit on the first die (and don't care about the second) for 5% chance plus a non-crit on the first die (95%) and a crit on the second (5%) or 4.75%. Added together, it's 9.75% chance to land a sneak attack crit, nowhere near 47%.
ETA: Wait, are you talking about TWF with elven accuracy and advantage? That's a 14.26% chance on the first, so a 85.74% chance to not crit times the same 14.26% chance, or another 12.22% for a total of a 26.48% to crit with TWF and elven accuracy. Still not 47%.