Fire is used for damage but I don't expect the 3 other elements to have the same attack power because each element usually has its own purpose. Heal and slow for water, speed and stun for air, armor and resistances for earth.
You cannot specialize in only one school in this game because a lot of ennemies have immunities, even at the low levels of this beta. What can you do as a fire mage against the twins ?
What we lack in the early game is spells to give some support to the fighter. There is so much poison and fire surfaces in this game that the fighter cannot get close to targets without being affected by heavy conditions. And when he succeeds he is hit when the target dies leaving a poison or fire surface. This is what makes the spider so useful in the early game because you can use it as a tank and later when you can summon elementals you can use them as tanks too.