Just to be clear, I'm not fully convinced either way. Elune remains an enigma to us all.
That said, I don't find her light/darkness and lunar/starlight theme a very strong argument for very supposed association with the force of Life.
If anything, it reminds me a lot of how the Light is seemingly always looking out for Life.
It's almost as if Light is the ultimate good, and on its side you have Life one peg down the hierarchical ladder, with Order being one peg further down but more closer to being neutral.
Then on the other end of the spectrum, Shadow stands in opposition to the Light, with Death one peg below it and finally Disorder as a more neutral agent of chaos below that.
If you think about it, there are recurring themes that seem to support this.
The Light is typically wielded by mortals in defense of the living, or expressed through powerful beings like the Naaru, also seeking to spread Life. Similarly, Order seems to be a productive force that wants to build and grow. It doesn't necessarily consider individual lifeforms important, but it wants Life, beauty, and Light to prosper. It prefers civilization over oblivion.
Then you have Shadow and Death, both of which frequently speak of annihilation, the abyss, oblivion, the end of things, and endless Void, and so on. Sure, the Void and Death seemed at odds in the Windrunner comic, but that might have been more speficially about the Jailer, who clearly wanted to change the status quo and just end everything. He feels like an infiltrator of Death rather than its true master, tbh.
So anyway, I like your ideas about the Dream.
I think it's possible all planets with life have a connection to the "Shadowlands" and the "Lifelands", if you will, as part of the natural cycle of Life and Death, while Azeroth speficially got the Emerald Dream sculpted for it by Eonar, Elune and Freya.
Essentially they tapped into Primal forces of the cosmos to obtain a way to harness the energies of life in defense of the worldsoul. Shaping life, not just continents, so that Azeroth wouldn't stand defenseless against other forces.
That's also why I like to look at Elune as a sort of agent sent by the Light to ensure all of this goes well. Perhaps a naaru or another type of being that administers things on Azeroth.
Maybe from within the Beledar, or the moon. Maybe she's a part of Xal'atath which she has suppressed and won't come to peace with. IDK.
- - - Updated - - -
On a slightly related note, just as the story of the Earth Mother is probably a legend with elements of truth in it, the same might be true for the story of Zao Sunseeker and the Five Suns.
While it probably is trying to explain how the one current sun came to be, it
could be revealing to us that there were four other similar celestial objects in the skies above Azeroth, once.
Naaru? Beledar-like vessels?
Was the Beledar shot out of the sky by the Old Gods, or worse the Titans? Does it house 4 Naaru within it, or are there other "Beledars" strewn across Azeroth?
Shit, did they turn into Old Gods? Did the Titans do something really bad?
Are the Old Gods just an illusion, and are they in fact imprisoned Naaru?
I should probably take a step outside for a min.
