In the Construction Set, it clearly denotes that high elves have many racial weaknesses: On the race proper, it says "AbRaceHighElfWeaknessElemental" which gives a weakness 25 to elements. This is the only one on the character sheet...But in the CS, there are four more: AbRaceHighElfWeaknessFire, AbRaceHighElfWeaknessFrost, AbRaceHighElfWeaknessShock, and AbRaceHighElfWeaknessMagic. Are these used somewhere and im not seeing them? or what? its weird!

No, the other weaknesses aren't used. There is a column of users, and in those cases it says '0'. So no users. Additional info of users can be found by right-clicking the name and then clicking 'use info'. These weaknesses were probably made first for High Elves, and then the staff decided they weren't right.