I guess you’re right, Personally I’ve always done the one year extension which seemingly allows for one visa to be extended for a year indefinitely, but maybe some folks were required to do border runs to keep them valid
Most of the long term people I know living in Thailand just extend their visa without having to go to the embassy anyway. Like a Non O marriage visa or B visa that is easily extended at immigration office without having to leave the country.
Elite visa offers no option to retain a work permit or start a business. It’s nothing more than a long term glorified tourist visa and kind of rip off in my own opinion