Yeah, the specific plot beat of "Elves in Threadsverse" would be that they're powerful but fading, the guardians of an old and dying world who cannot seem to reverse their Doom/Fate, who have indeed worked with humans often enough and helped them, but who have not exactly found universal friendship for it. Who protected the forests and loved the world despite its costs...
In other words, IMO, the proper narrative place for them would be old allies of the Weilu, doomed to fade from history as the progress of Man chews up everything in its path and left Empire in its wake. You'd have to find some other narrative equivilent to the way that they were planning on taking ships west to leave the world, since obviously the geography there doesn't quite work.
So yes, instead of being boring we could in fact be interesting and think about narrative themes and how they would fit together. Since that's what really matters more than some sort of Vs. debate, let alone lazily gesturing towards stereotypical portrayals of Elves in post-Tolkien works.