I can't speak for wood elves/wanderers, but I can speak some what for the High Elves. The first issue is that the army has been broken up into all kinds of different factions, with none of them coming close to a complete or remotely well rounded army. Vampire Counts received similar treatment, but at least Flesheater Courts, Deathrattle, and Nighthaunts were still fleshed out enough to field independent armies.
That being said, you can still run the legacy warscrolls for the High Elves faction. This has its own challenges. The army has some amazing ranged and mobile options. Outside of this, it has some real short comings. There is a shortage of mortal wound and high rend attacks. Most of the units are either fragile, expensive, or both. The best melee units are ok, but nothing compared to others. Compare a grave guard unit vs a unit of sword masters. Same offensive out put, but the grave guard are slower, but more resilient, and cost 40 points less per unit of10. There are a few nice synergies, but nothing like some of the other warscrolls.
So in short you have a fragile, but mobile army that is good at range, but falls apart in combat, and has few ways of dealing with durable/ resilient units. This in an environment where some of the most popular armies can pop right next to you and cut the distance (Storm Cast, Skyre, summoning lists, etc...). If the elves can control the distance and play keep away, then they can do well. Right now there are just too many armies that mitigate their strengths right now.
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