No it wouldn't.
element.io -> get started gives this:
> Get started.
> Setup a self-hosted or cloud deployment, with powerful enterprise capabilities.
edit - expanding.
The element site is entirely about getting something for your business. It has a pricing page that tells me it'll be free for up to 200 users but I have to self host. Nothing on the front page of it tells me it's a free app I can use elsewhere. I have to go to "product" (!) and choose the app.