Not really.

She gets decent grades, apparently. I guess that’s good.

…That’s the dumbest thing I’ve ever heard.

I’d look like an idiot if I just walked around smiling about nothing. Who does that?

Ah—

(H-how do they know these things?!)

No! I—I’m always… saying things that… that aren’t embarrassing! Of course! Th-that never happens!

I would if I had a good reason.

Yes, illegal contractors are dragged down to the Abyss—physically and otherwise. Yes, Elliot was an illegal contractor.

However, at the time of his death, Elliot was no longer an illegal contractor as he had rejected his chain—it was in fact the reason he died—and his body did not enter the Abyss, as we saw Leo crying over him after he had presumably been dead for some time. From this we can assume that Elliot—unlike Kevin/Break and others whose incuses had completed its rotation—was not drawn into the Abyss at all.

Ergo, Elliot is not chillaxing there with Alyss and will not be coming back as a chain, as awesome as that would be.