Would it? I know AoE2 handles it like this, but from a quick search historically projectiles such as arrows and javelins were most effective against elephants.
But it's good to know that they have to be brought down by pure strength; as they deal AoE damage the most effective counter in 0AD might be ranged units as well.
Bit old but : https://gitea.wildfiregames.com/0ad/0ad/wiki/Triggers
Some stuff at https://github.com/0ADMods/trailer_tools
And https://github.com/SciGuy42/Macedonia_0ad which is the closest we ever got to a campaign