Well, here's the issue... despite the game calling them 'races'... elves and humans and dwarves are more like different species. So it's not really possible for an elf to be "racist" to humans, the same way we wouldn't classify our dealings with horses or apes or dogs or cats as "racist".
I'm pretty sure the elves see humans the same way we humans see other animals. We see them as intelligent, loving creatures, but we do not attribute to them the same sanctity and rights as we do humans, nor do most of us treat them as though they are on our level. Now, are we "racist" towards the rest of the animal kingdom if we think of them as one or more steps down on the evolutionary chain? I'm sure some people would say yes, but most of humanity would not. It's not a stretch to see the elves to humans connection the same way.
If I had to guess... the primary reason why we real humans see fantasy elves and fantasy humans as functionally equivalent is due to the fact that they can inter-breed. Now setting aside the fact that that idea is scientifically stupid... the fact that Tolkien allowed for it gave us real humans the idea that humans were on the same level as elves-- evolutionarily, if not societally. But I suspect that if we tried to actually get into the heads of these fantasy elves... the original intention of their design was that humans weren't equal. We were nothing more than puppies and kitties that elves thought were probably cute in their own way, but lived exceedingly short lives, and they treated us nicely because elves aren't inherently cruel and we were entertaining to have around. But we weren't elves, and it would have been ridiculous for any elf to treat us like we were.
In point of fact... this is exactly why I say that all D&D races are actually nothing more than "humans with rubber masks". Because we describe them by their comparison to humans, usually by highlighting one or two traits and attributing them to their entire species. Grey/High/Sun Elves are all "haughty" by human standards. But in truth... those elves should actually be so alien to us human beings that any attempt to describe them in that way would be as pointless as wondering "Hmm... I wonder how my cocker spaniel sees me?" We will never know how our dog sees us, we CAN'T know how they see us, and all we do is again, artificially assign it human traits. But they aren't real. The same way our description of elves are unreal and artificially assigned.