Indeed. Off-hand, I don’t know of a Lutheran who embraces the term consubstantiation. Most of the works I see prefer to use the term “in, with, and under.” Although Luther himself was at least wont to use the term “substance” to describe the real presence:
And why could not Christ include his body in the substance of the bread just as well as in the accidents? In red-hot iron, for instance, the two substances, fire and iron, are so mingled that every part is both iron and fire. Why is it not even more possible that the body of Christ be contained in every part of the substance of the bread. What will they [Catholics] reply? Christ is believed to have been born from the inviolate womb of his mother. Let them say here too that the flesh of the Virgin was meanwhile annihilated, or as they would more aptly say, transubstantiated, so that Christ, after being enfolded in its accidents, finally came forth through the accidents! The same thing will have to be said of the shut door [John 20:19, 26] and of the closed mouth of the sepulcher, through which he went in and out without disturbing them. (Luther, The Babylonian Captivity of the Church, 2.29-30)
Why then should we not much more say in the Supper, “This is my body,” e
ven though bread and body are two distinct substances, and the word “this” indicates the bread? Here, too, out of two kinds of objects a union has taken place, which I shall call a “sacramental union,” because Christ’s body and the bread are given to us as a sacrament. This is not a natural or personal union, as is the case with God and Christ. It is also perhaps a different union from that which the dove has with the Holy Spirit, and the flame with the angel, but it is also assuredly a sacramental union. (Martin Luther, Confession Concerning Christ’s Supper, Luther’s Works 37 [Philadelphia: Fortress Press, 1961], p. 300)
[W]e defend the doctrine received in the entire Church, that in the Lord’s Supper the body and blood of Christ are truly and
substantially [substantialiter] present, and are truly tendered with those things which are seen, bread and wine. (Phillip Melanchthon, friend and contemporary of Martin Luther quoted in his Defense of the Augusburg Confession, Article X)
Links to references here