Elemental is a funny path mostly due to it's perk - obviously it's a commitment, but, if you have Martial Sovereign, it becomes one of more fun ways to play the game.
Narrative wise - it's still my favourite path, so, I might be biased. But I think it's on par with other two paths mainly of two things - representing balance for Saintly Wu Heirs and versatility.
I haven't tried Body or Space for new content, but I always liked how Elemental had extra options depending on your situation, like using fire against Rouge agents due to it being a counter against illusions and using water to reduce the damage from Tang bandit's suicide attack, to using ice as ranged attack against your rebels.
It might not be the most powerful, but you always do different things with it, to the point of having extra options that bamboozle your opponents - I think it's very fun way to play.
I am not really concern with "power level" of paths, Obviously Body path having a legendary Transformation up it's sleeve is a very big thing for the end game, but it won't mean the said endgame will be impossible or unsatisfying for other paths, unless you just don't vibe with the said dao in the first place.