This is wordplay. Is "You don't look fat in that dress" fraudulent? It's false, but does it defraud? Who did Trump con out of what? The false records kept prying eyes - the press and the public - away from knowing something he had no duty to disclose - a dalliance. The people might WANT to know that he's a philanderer, as if they didn't already - but that does not give them a right to have him tell them so or to keep records from which they could so infer.
Business records can only defraud people who have a right to rely on those records in making some decision. The only official possibly defrauded would be the tax man to the extent Trump deducts the payments, but there appears to be no intent to do screw the government given the expectation that Cohen would pay taxes on the income. Absent a potential victim of "fraud," I don't see how the mere falsity of the records make their falsification them "fraudulent." In short, Trump's principal intent in creating these false records was to hide the payments from people not entitled by law to know his business. That is not fraudulent intent.
The "other crimes" are bogus, too.
Tax fraud? What government lost money? I saw the judge's analysis on the motion to dismiss. I think it's just wrong. Absent an intent to deny money to the tax collector, I don't see how "tax fraud" is a crime.
FECA? Cohen expected to be reimbursed. He had no intent to contribute to Trump's campaign, directly or indirectly. He thought he was spending Trump's money, and there is no limit on what Trump can spend.
Election manipulation? For the reasons given above, none of the three "illegal means" offered were illegal means.
I'm a never-Trumper who believes that this prosecution helped Trump politically. They were unfounded, selective, and stupid. They make it harder for Jack Smith to win the cases that should be won.
Finally, anyone who pretends that the number of falsified checks is relevant to anything - OMG, 34 counts!!!! - is intellectually dishonest. It's accurate, but it isn't true. Just as Trump's checks were falsified, but not fraudulent.