Yes, art subsidies benefit mostly the wealthy, because they are the ones who buy art in the first place. The wealthy can pay more for their art, and do not need the subsidies. Those who create the art should be commercially viable on their own. It is unfair to subsidize them and other endeavors.
No, art subsidies do not benefit the most wealthy and elite, because the subsidies go to the artists that make the work. Art is still only worth what someone will pay for it. Rather, art subsidies allow people to take the time and take the risks to make works of art, many of which end up being important.