Yes, Elvish Champion is an elf, which has been updated on all versions from Ninth Edition forward, and appears in the Oracle Text of all versions
While others like Elesh Norn, Mother of Machines or Yarok, the Desecrated benefit from running strong enter the battlefield abilities, they dont meet the first criteria, even when theyre played along with other cards like Ephemerate or Ghostly Flicker

(They can't be blocked except by creatures with horsemanship.) Swamp Rarity: Common TYPE: Basic Land SUBTYPE: Swamp CMC: 0 Mana cost: USD: $7.00 EUR: 1.80 TIX: 0.04 EDHREC RANK: - ( : Add .) Swamp Rarity: Common TYPE: Basic Land SUBTYPE: Swamp CMC: 0 Mana cost: USD: $7.93 EUR: 2.95 TIX: 0.04 EDHREC RANK: - ( : Add .) Swamp Rarity: Common TYPE: Basic Land SUBTYPE: Swamp CMC: 0 Mana cost: USD: $3.66 EUR: 0.92 TIX: 0.04 EDHREC RANK: - ( : Add .) Taoist Hermit Rarity: Uncommon TYPE: Creature SUBTYPE: Human Mystic CMC: 3 Mana cost: USD: $11.38 EUR: 5.95 TIX: 0.00 EDHREC RANK: 31400 (2/2) Hexproof (This creature can't be the target of spells or abilities your opponents control.) Taoist Mystic Rarity: Rare TYPE: Creature SUBTYPE: Human Mystic CMC: 3 Mana cost: USD: $51.90 EUR: 17.67 TIX: 0.00 EDHREC RANK: 31183 (2/2) This creature can't be blocked by creatures with horsemanship

The risks you expose yourself to in order to use Rancor (especially now that blue decks are rising in popularity) just dont seem worth it
If your opponent has two or three characters out you can banish, chuck this down and go for gold
Powerful enough to be banned in Pioneer and Legacy, Underworld Breach pushes card advantage straight into a victory condition