Yes, I think Tolkien is more inclined to use the term "Prince" (note capitalization) to be a great leader or ruler of a Principality.
Although prince can mean a son of King, Thranduil's Realm (not necessarily Kingdom) was not royal dynasty but more of politically expedient way for the Wood-Elves to have some leadership and organization.
Also, we tend to think of Prince being a king's son, because the King of England is a Prince, and this is common practice for any male Royal, but Prince Charles (ugh! Stuarts) is also actually Prince of Wales, literally, in that the final principality was made a Royal vassalage to be held by any heir to the Throne of England, and Prince Philips was actually bestowed by the Queen, even though Edinburgh was made only a Duchy.
So, while Legolas was a prince in one standard sense, it is perfectly consistent of JRRT not to have that treated as a Title that he bore.
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The hoes unrecked in the fields were flung, __ and fallen ladders in the long grass lay __ of the lush orchards; every tree there turned __ its tangled head and eyed them secretly, __ and the ears listened of the nodding grasses; __ though noontide glowed on land and leaf, __ their limbs were chilled.
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