^ not sure where the "instantly" part comes from.
As for this battle:
There are 2 uber versions of Elaine. First one, when she absorbed Michael's demiurgic power (though she didn't have control over it as Michael did, at first). Then she actually became God/The Presence.
So while it's debatable whether Elaine with Michael's power could defeat Wanda, Elaine (as the Presence) absolutely stomps her.
Hey there friends. ... Xp just summarized Wanda's glory.
It's a little more detailed than that.
Wanda remade 616 into 58163. When she did this, she tore a hole
in space-time withIN this "616" (58163 now). Wanda's power (chaos
wave) then spilled out of her newly remade universe through the
hole & swept an unknown number of realities into Otherworld.
In Otherworld,
Wanda's power continued to flow until it reached/Crashed down the
Starlight Citadel, which is an omniversal Nexus.
This caused all the Universes connected to mesh and basically tear to pieces.
We later learned in "Die by the Sword" that indeed,
this omniversal implosion tore everything to pieces.
Now, Roma did state after this happened that the "chaos wave"
could expand further, from the "sundered planes to the sublimity" (wtf)
"perhaps even to the Ascension itself" ('God?'😉
Anyway, on panel it really seemed like only 58163 (formerly 616)
& that area in Otherworld where Roma & co. stood was what was left.
Imo, writer must've been talking about obscure realms via Roma,
like the Crimson Cosmos, Atleza, Vishanti, WHR ... etc and like-
types which aren't withIN Eternity, yet still part of "creation." ... Imo at-least.
Otherwise the "new" One Above All (Claremont) just retcon that in DbtS.
-------------------------------------
That aside,
for several years now I've noted that the "Chaos Wave"
is not Wanda's top feat in HOM.
It's actually her grand finally: "No More Mutants" ...
Which reverted the Omniverse back to normality,
simultaneously remade 58163 back into 616,
coupled with also nullifying the mutant gene across countless UniverseS,
where 90+% of all mutants were affected.
That final spell, (no more mutants) was activated with a thought.
(and traversed even the 'Astral/Ethereal Planes' as presented by Strange to Beast)
Wanda was no doubt 'God-like,' but she was not a/the supreme being.
Although many become confused with Wanda's power boost during HOM,
it really isn't such a surprise. This reality was in the coming, from back in the day.
It's because Wanda is the 616 Nexus Being, and as such,
has potential access to the flow of energy/magic that runs through it.
(guess where the infinite alternate/diverged universes come from)
Anyway, here's a bit from 20+ years ago:
Immortus was using Wanda as a conduit to her power,
to protect 7000 years of Timelines, and to rearrange many other Timelines,
he even succeeded in accelerating her potential thus augmenting her inherent abilities.
In the end, she released her accelerated potential (this potential realized in HOM)
because she didn't want it.
When she did let go though, her power was re-arranging TimelineS left and right:
As you can see, even the TimeKeepers intervened
and indeed corroborated Immortus' claim about Wanda nearly breaking the Multiverse.
Anyway, I have other examples like another where Wanda defeats a multiversal power,
and yet another, where her potential is passed on to her possible children
and finally "they stand among the great forces of the universe able to rock the Cosmos."
