One thing that makes elves in Tolkien's works less OP is the fact that they are slaves to fate, just like anyone who does not share in the Gift of Men. So, som

One thing that makes elves in Tolkien's works less OP is the fact that they are slaves to fate, just like anyone who does not share in the Gift of Men. So, some of their "cavalier-ness" might come from that fact. They might know that it is impossible for them to contravene fate, and so if they are fated to die, then die they will. And if they are not fated to die, then die they will not.