Would you consider Arsenal an elite club or one of the top teams in Europe? I certainly don't.
Of course. Because I have different standards than you. I am a Hannover fan, not a Barca fan, I don't take such clubs for given or call them average (like some guy previously did). Their squad, fanbase, financial ressources, achievements etc are infinitely larger than those of my club which is probably fitting the standards of an average european club a lot more. They have players under criticism that would be considered all time greats at my club (actually they have one of those in Mertesacker) and they are a guaranteed CL participant in a league where nothing else is guaranteed, just like they are guaranteed to always progress from that group stage and join the top 16 clubs in the world.
My perception of "elite team" or "top team" is a different than yours. The standards on a barcaforum like this, aren't always translatable to other places and often look spoiled to fans of clubs who aren't used to worldclass football every week. 95% of clubs aren't used to that either. For me top teams surpass a certain threeshold of different factors that the AVERAGE Club might never actually reach, that's why for me Arsenal is a top club. Not like a "giant" or so, but a top club.