Somewhat. Wizards and Sorcerers are bad at melee. It's better for a sorcerer. A dragon sorcerer gets bonus damage and has more HP.
It's best for rangers and eldritch knights.
As a reaction a ranger gets resistance to the dragon's breath or a fireball on top of Dex save proficiency, and posssibly Evasion or Uncanny dodge. EK Fighters get indomitable and Con saves.
As far as I am concerned, the secondary component of Absorb Elements is basically irrelevant(D6 damage on being hit by a melee attack- once! meh).. The primary component is amazing for anyone that gets hit by a high damage elemental attack (or a flurry of smaller attacks in a single round).