
What we know about Elder Primals for sure is that they used to be locked in some kind of prison. The Allagans locked Bahamut in the moon, and someone else locked Odin in a crystal in the Shroud. This and the Odin FATE tells me that Elder Primals can manifest without help, unlike the other Primals.
This doesn't tell us anything about their origins, but I'd wager the "metaphysical" difference between a Primal and an Elder is simply the ammount of aether they were summoned with: an Elder Primal has absorbed the maximum ammount of aether it could, it's very essence becoming a part of the world instead of just existing with no shape in the lifestream.
But that's just speculation on my part. Squee might throw us more bones once they unlock more turns of the Coil.
This doesn't tell us anything about their origins, but I'd wager the "metaphysical" difference between a Primal and an Elder is simply the ammount of aether they were summoned with: an Elder Primal has absorbed the maximum ammount of aether it could, it's very essence becoming a part of the world instead of just existing with no shape in the lifestream.
But that's just speculation on my part. Squee might throw us more bones once they unlock more turns of the Coil.