The point that Elrond had one of the Elven Rings is a good one. We really don't know what Elrond was doing behind the scenes, since Tolkien is rather "vague" about just what one can do with a Elven Ring. "Preserve" seems to be the common answer.
Which brings to mind the fact that Gandalf was present at the war with an Elven ring, so what was he doing there? Same as everyone else: playing sacrificial lamb so that Sauron's eye would be turned away from the threat of Frodo and Sam inching closer and closer to Mordor. If those two should fail, then all the Elven rings in the world wouldn't have been much help.
And no, Elrond is not a wuss. He's a leader. Leaders lead; they usually don't go out in the field of battle, and for very good reasons. (Or sometimes bad reasons, but usually, it's for the best.)
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