Yes. Eureka's elemental wheel is just a hidden % buff that's applied to the damage you deal and take based on a binary check of your magia board slots vs the enemy's element, it's not using the actual element stats. If it were using the actual elemental stats, you'd be seeing a ton of attacks being straight up negated with a certain amount of magia defensive slots. (Video of what I mean -
https://www.youtube.com/watch?v=U2e6EcPlytM ) (Explanation at 1:50+ mark)
The element stats are all still there though, they're merely just hidden. You can easily realize this due to the plethora of -X resistance down- debuffs that still exist like in Shinryu Normal/EX where standing in a puddle back in the day lowered your lightning elemental stat to 0, making you take metric tons more damage. or how Scylla's puddle in Syrcus tower gives you Fire Resistance+, which back in the day multiplied your fire attribute by 10x over to give you like 80% damage reduction on her flare. (Coincidentally, any of said elemental attacks are also coded to be true damage to make sure they can't be negated outright from the increased elemental resistance)
As far as the topic, no. Elemental damage on tooltips is just for lore flavor. BLM's existence alone prevents elemental damage from ever being a thing, since it would completely annihilate that job's ability to do anything and make them dead weight if the boss happened to be Fire element.