To be fair, the exact same can be said of baron. Even very high elo matches have baron throws because of either a direct mistake or miscalculating if they could take it safely.
That said, taking elder is significantly easier than baron. Baron's debuff stacks mean you generally need 3+ team members that can (combined) tank and deal sustained damage. Elder is resilient, sure, but only pumps out a fraction of damage and only in a direction that you control. So you can take it with just 2 champs if necessary...especially with hypercarries and life steal. The lack of the debuff means you can actually life steal back the damage fairly easily, and isn't even necessary if you have a tank who can then soak 100% of the damage in his direction.
Why this matters is it's much easier to "sneak" elder if you have vision control, or to have 3 members of your team zone out the other team to secure it. With baron, that's much more difficult as both baron damages everything around it and requires more team focus...generally only 1 or maybe 2 team members can try to zone/stall effectively in the meantime.
I like the differences between elder and baron, actually. Elder gives you lots of combat stats whereas baron gives you more siege power. Elder also capitalizes on planning better earlier.
That said, I do have a few issues with the dragon setup...
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Why can't they tell us in champ select the dragon spawn order? That's unnecessary randomness existing in the game. For example, If I knew dragons would spawn cloud -> mountain -> cloud -> infernal, then we could pick a team comp to make the best usage of those buffs and at those times. Right now, you can pick a good team comp and then get dragons that are only minimally effective and therefore the largest value in taking them is to deny the other team of having them. As a result, some dragons just feel too weak in general and get buffed, but then are too strong with certain team comps. You can't balance around randomness...Riot seemed to miss that point.
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The bonus on-hit damage from elder with each previously-taken dragon is too strong IMHO. If you're in an early/mid game comp and can take dragons easier because of it, then elder is a huge boost in a time (late game) that you should be generally weaker. Whereas a late-game comp will have more trouble taking early dragons, so taking elder has far less value for them (less double-stat bonuses and less on-hit damage). It leads to a lot more early and mid game snowballing, and less late-game focused champs, than would naturally be there. It's basically an artificial way of closing games out faster, but I think it's taking away from the game as late-game champs are still out of meta in favor of early and mid game carries.