The two are forms of art and an integral part of the humanities. So, as art unto itself, it isn't elitist at all. In fact, a lot of the works speak to the nature of humanity. However, one can also make an argument that some of the people who attend opera or ballet can be elitist, but that's another question.
No I do not believe that both opera and ballet are elitist, and instead portray a forgotten culture from just a few centuries ago. Back in the sixteenth and seventeenth centuries ballet and opera were an integral part of society, and that sense of society can be seen today through ballet and opera and not in an elitist form.
Opera and ballet are available to a wide range of people in the world due to recorded media. Even if a person cannot afford a ticket to these events, they can be watched and listened to on television or radio. There are libraries that have copies that can be checked out for little or no cost.