It is, but only from a certain point of view </kenobi>.
As someone who picked up the game while Gygax was still actively writing stuff, his work has always had a special charm -- even though I generally ran in a homebrew setting. When the FR gray box came onto the scene, it had its own character, so to speak, which didn't wow me, but wasn't horribly offensive, either. As it gained steam, though, it seemed to take elements that were strongly tied to Greyhawk and co-opt them. That has, in large part, driven my disdain of the Realms becoming the default setting of D&D.
There's no good reason why Elemental Evil stuff couldn't work just fine outside the Realms, and I'm actually all for treating the Realms fairly in the appendix. Officially placing the latest installment of Elemental Evil in the Realms, though, feels a bit like another cup of salty urine being dumped on an old wound.
As long as things are relatively easy to relocate to, say, Eberron or my 30-year-old home brew, I won't yelp too much. I get the benefit of an assumed/default setting and the Greyhawk ship has sailed. If the Tyranny of Dragons modules are more representative -- a lackluster adventure that I found too hard to decouple from the Realms -- then my purchasing of future adventures will be pretty limited. Unfortunately, with four kids, a full-time job, and multiple volunteer/extracurricular activities, most of what I want to buy is adventures that are fun and easy to run. The high school/college GM in me shudders at the thought, but it's the reality of my stage of life.
Edit: This wasn't intended as a setting/edition/whatever flame, and I hope it doesn't read that way. Please go back to discussing the adventure.