You are right, the elephant have the advantage, but it is not a strong advantage and they are likely to loose the combat.
It was the case in our last game :
There is 4 Cv who where already disrupted by shooting. I attack it with 2 elephants (the disorder have no effect as the Cv is already disrupted).
On the impact, each BG take one hit so it's a draw.
During the melee i manage to have 2 other BG fighting in overlap.
Cv : Have 2 hit on elephants
El : No hit
Supporting troops on overlap : 2 hits
So the only BG wich have to make a cohesion test is the El : 
- 1 for losing the melee 
- 1 for suffering 2 more hit than inflicted
- 1 for lossing against lancer
+ 1 for General in LOC
Total -2 so i need a 9 on two dice for not being disrupted
And if i roll a "1" on my death roll my BG of elephant is destroy !
This combat make me think that El are very brittle even againt Cv lancers. In DBM (apologize  

 ) if you attack Kn(F) with Elephant you are almost sure to win and certain not to loose : it was absolutely not the same in FoG. I'm used to consider that elephants are the killer of Knight or other Cv with lance (shock troop). I wonder how a Lancer can charge an Elephant with a scared horse and hope to kill it ? 
I think the current factor are ok if we consider Cv with bow, javelin or light lance as they can attack the Elephant with distance weapons but in the case of lancers it is difficult to imagine how they can fight against El ...
Hervé