I mean, that could work. But, how Azeroth possibly being Elune fits on that is beyond me.
Elune was always connected to the moon and the Sun. From an astronomic pov, it could make sense. From a sister of the winter queen pov less so cause Azeroth isn't born and if she did, we were led to believe she is a Titan, not one of these beings like the winter queen in the side of life.
I mean, being a sister of the winter queen means she would have to have been created by the first ones in the same way the winter queen was in the forge on the new zone. That presumes Elune was created by a similar machine in the plane of life with her companion patheon of life.
It really doesn't fit very well, unless the whole titan pantheon is in fact not arcane beings but life beings, which would be another tremendous retcon.. or Elune/Azeroth would be a life being born completely differently from the others. Lets not forget Elune is worshipped in other worlds as well. It just doesn't fit.
Another hypothesis i could come up with is that Elune could be hiding in Azeroth and making us believe there is a Titan world soul there. That is the only plausable explanation i can come up with and would require explaining on why and how she is there.
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And this is my fear.
It wouldn't, but they would fist ram it, like they did Sylvanas.