I remember this being brought up before,
this thread in particular.
I don't really have anything new to add, but I see it basically the same way. You mention the fact that Dwarves and Men were not offered protection and bliss in Valinor. I think there was an obvious reason for that. The Elves differed from the other Children fundamentally in their "immortality" (which it really wasn't, but that was the perception), their tie to Arda that bound them to the world as long as it lasted. Middle-earth was
not an immortal place. Things died there.
I know there were Silvan Elves who lived thousands of years in ME in apparent content, but as immortals, did they really
belong in a mortal world? Wasn't that what lay behind Celebrimbor's making the Three? A desire to arrest change in an environment where change was the natural order of things? Can immortal beings ultimately be happy in a changing world?