So I went and tested my Elwind and Arcfire theory by checking the respective attacks in Awakening, to see if they were consistent with the source material.
Elwind actually matched up with it's Smash iteration, aesthetically. It's a single large streak of wind. Smash Elwind does fire two Winds though, but that can be as much a reference to Double Attack as it could just be creative liberty.
Awakening Arcfire is nothing at all like Smash Arcfire though. In fact, it's a slightly more faithful Smash Thoron than Awakening Thoron is. The closest attack in Awakening that resembles Smash Arcfire is Micaiah's Pyre. They both summon a fireball that, when it hits the ground, creates a pillar of fire that stays for a few moments.
A.Thunder resembles Smash Arcthunder the most. A.Elthunder and A/Arcthunder look nothing like their Smash counterparts. A.Thoron does look like Smash Thoron, but the streak of lightning is much thinner. A.Arcfire has a larger radius that matches Smash Thoron.
Smash Nosferatu resembles Awakening's Waste the most.
So Smash Elwind matches Awakening Elwind as far as looks, but that's it. Everything else resembles another tome attack in Awakening.
The reason I tested them was to see if the devs calling them ElWind and ArcFire were because they did indeed match the animations used in Awakening, or if they are aware of the power scale of the attacks in Fire Emblem, and named them thus to hint at the respective tomes' durability in Smash. From what I found, it seems to be the latter.
Elwind will have a lot of uses before it's discarded, more than Arcfire and Nosferatu will. So I don't think we need to worry about Elwind having like 10 uses or something.