Party of the elites is a phrase being used to demean. Though that doesn't mean it is necessarily false, the real picture is much bigger. The Dems have shifted from major support from the Working class to the major party for the College educated... yes "Elites" are included in that group.
Bigger question... What does that mean? and Why is this happening... I think you nailed it with Safety and Economy issues. They have become more important to the working class than charity, world alliances, supporting minorities through immigration/opportunity, or LGBTQ rights etc.
The left went big on rising up agains law enforcement abuse with BLM and many went too far with "Defund the police"... The left tried to stick up for LGBTQ who were historically bullied and discriminated against but they went too far with minor transitioning and trans participation in sports. They want to fund programs to help communities but their spending has gone way out of control and doesn't align when the debt is at record highs and inflation is impacting the working class.
So we are seeing a rebalancing. The Dems had support on these issues, went too far and now they lost it. I don't particularly think Trump is a good leader, I think he is extremely divisive, dishonest and toxic to healthy discourse. But he is bringing a rebalance to the system.
My hope and prediction is that the Dems reevaluate and adjust in the next 4 years. I think Trump is going to blow it again with this fasicst ways of leading and then there will be a rebalance against Trumpism. At some point we need to start listening to each other and working together as one country. I hope the Dems start this rebuiding and then it is followed by the Reps doing the same thing. #RantOver