Well yes, but they could have just as easily used Wuxing yet chose not to. (Wuxing being the Chinese Classical Elements of Fire/Earth/Water/Metal/Wood)
Also most people wouldn't account for Aether, despite it fitting thematically.
Because western audiences wouldn't understand Wuxing. They'd have complained about why "Wind" isn't an element, or why Earth and Metal are different elements, or why there are five elements and not four.