Should we not distinguish between practical wisdom (IE, possessing the mental faculties to evaluate all given factors and future possibilities, decide on the choices, select the optimal choice, and be able to take action on said choice) of the wise, and being a lore master?
Elrond may not have as much foresight as Gandalf (Gandalf's foresight suggested Pippin should journey with the Nine, and victory would have been diminished or nonexistent if Elrond's will was heeded) or Galadriel, but due to being so stationary (in Rivendell) and as the master of such a refuge, could gather much information from travelers and other great warriors. (We know he did - he also possessed the tokens of Elendil such as Narsil, and the scepter of Annuminas.)
In this sense, I propose that when Elrond is said to be the greatest lore master, it means he is master more of knowledge than of wisdom.
He also possessed the power of healing (not only power of spirit, but evidently practical medical skills) which is not exhibited either by Galadriel nor Gandalf (excepting Theoden's healing, which I deem more spiritual than physical).
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As for Galadriel, she relies greatly on forsight to makes decisions, which is a sign of weakness.
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I do not understand with this reasoning, and I do not agree that relying on foresight is a sign of weakness. But for the foresight of Gandalf (which seemed to many "folly"), the War of the Ring would have been lost.
Question: If Elrond and Galadriel were present at Sauron's downfall, why does the movie narration say "much that was once known is lost for none now live who remember."