Source: Xelgot
The fantasy genre seems to have a way of bringing out people's insecurities, so something you'll probably see from time to time is people presenting the term "master race" because... they think Elves are annoying. You know, being annoying, that's the ultimate sin online.
The reason this comes across as insecurity is because video games and fantasy stories will often give *humans* special treatment because the reader will often want to feel like they're the special one. Therefore, it's become common to subjugate them in order to make humans look better by comparison.
A part of what makes Elves unique is that they've been around for a long time and they're like this because that's just how it was in the Lord of the Rings, the problem is, what do humans bring to the table? Nothing. They're supposed to be the master of none.
Now, if you're a drama queen, you'll probably try to argue that Elves are automatically fascist because they're often depicted with blonde hair and super magic. However, who do you think this sounds like? Does this remind you of anyone?
You can pretend that Elves look like some idea of a "master race", fine, but what comes into question is why are Elves always so aggressively marginalized in most fantasy stories? Because if Elves look like the master race, then why are humans the ones who are actually depicted as one?
And the answer is obvious, this bizarre anger towards Elves comes from an inferiority complex. And they get upset when it's pointed out that this comes across as eerily similar to a racist power fantasy, so I guess their only recourse is to uno reverse card, "no you".
But if you're looking for a solution, I would probably suggest to make the Elves analogous to indigenous people's. Because think about it, you've got a group of people who've been here for a very long time, they were here first, and in comes a bunch of hyper-aggressive colonizers who think they're "haughty" or "holier than thou" just for standing there. Human tears, if you will. It's relatable!