Only if they politick like humans do. Perhaps elves don’t think politics makes any sort of sense and instead defer to ancient kingships á la Tolkien. No elf is creating intrigue around Galadriel or Elrond, they are just as they are, and are revered for their ancient wisdom.
Or perhaps the idea of hierarchy itself is completely alien to them. After a few thousand years a lot of the trappings of mortal power may just not be of any interest anymore, and every elf is a sovereign unto themselves.