I think so. While Gandalf, a ring bearer, should have noticed Bilbo carrying the ring, he wasn't exactly the sharpest of wizards. Elron probably would have noticed and put the kibosh on the whole LOTR saga.
He knew that Bilbo had A ring of power but didn't come to suspect it was the one ring until many years later. Would he have diverted Bilbo around the elves because they would have kept it for themselves? Probably.
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