Based on their statistics, they are closer to Cleveland, LA and Boston then they are to the rest of the league. Cleveland is the clear leader at his point, with a 12.4 pt. spread of what they score vs. what they allow. LA is at 8.8. Boston is at 8.6 and Orlando is at 7.76 The next closest team is New Orleans at 3.84 with Utah at 3.83.
So there is a huge gap between the top 4 and the rest of the league and Cleveland is way, way ahead of everyone else. If You say that Boston and LA are elite when they are 3.5 pts behind Cleveland, logically you can't deny Orlando at less than a point behind.
All the other teams have a point advantage less than half of Orlando's, and remember half the teams have a negative number.
Orlando is doing a great job on defense too, as their opponents only manage a .428 shooting percentage. The only teams that shoot that way for the whole season are the cellar dwellers, so Orlando makes other teams look bad.
I don't disagree with your analysis of what they lack, but few teams have found a way to beat them. Their biggest obstacle is that the Eastern division has two of the top 3 whereas LA is the only Elite team out West.
Even though this is a snapshot statistic, of what they have done so far, it is very hard for a team to win by more than 5 points on a consistent basis. It shows these teams have a real killer instinct and don't just beat teams, but tend to blow them out and humiliate them.
Elite yes, but the question is can they get past either Cleveland or Boston. Their record and performance to date suggests they are right there, and getting past those two is the next step.