Oh no, no no no lol. Not only did all mobs have elemental weaknesses, usually based on type (flying, beast, insect, etc) that would make huge diffefences in dmg, but the weather could effect the potencies as well. Jobs like Ninja also had the elemental wheel, so if you cast your elemental ninjutsu in order it would increase potencies as you went. And I am not saying it needs to be 1:1, but the battle here is just way too oversimplified and there has to be a happy middle.
And the lack of buffs and debuffs is really just painful.