Making a real-life argument in a world of fantasy magic damage resistances is really not the hill you want to die on.
I would definitely say status immunity to the element related status is good, and keep all damage of that element still as heals.
Does Loremaster allow you to see resistance/absorption types? That should really be a feature of it imo. Or perhaps make it a talent? Nah, should probably be part of the skill.
