I had a quick look online for some Forgotten Realms art, and from what I could see Faerunian elves do seem to have more human-like faces than pan-planar elves.
I always thought that Elves are supposed to be beautiful, but 3.5e elf descriptions have them being so deformed as to be disturbing and ugly. I can draw elves that are a good middle ground between the two extremes but I can't expect Larian to create their art the same as me.