The Lutheran View is probably best called the sacramental union.
We believe that Christ's body and blood are really present, not just spiritually present since scripture calls them the body and blood.
We also believe that the bread and wine are still present because scripture still refers to them after the institution.
We use terms like "in" "under" and "with" to describe the sacramental union but it is not to try to be precise, it is to stick with the type of union that scripture describes.
We do not know that for instance Christ's body is united with the bread making them one which would be consubstantiation. We know the body is present we know the bread is present, we don't know in what type of union they are.
You see we do believe in consubstantiation, Christ is an example, fully God and fully man united in one person. We could also say Jesus is consubstantial with the Father since they are one.
See the problem? We are not told that the union of the bread and body are like the union of God and man in Christ. To say the bread and body are consubstantial goes beyond scripture.
Much of the usage of consubstantiation came from the Roman insistance of have a single Latin word to debate and describe the union. Of all available Latin words, consubstantial was probably the best and so it was pretty much always used by Rome to describe what Lutherans believed and even used by some Lutherans, which does continue to this day, but the word is really too precise, going beyond what is taught by scripture.
Hope that explains it.
Marv