'Its about death, the inevitability of death'

[tifo_gcs]

I may be splitting hairs here, but the one ring doesn't have the power to elbalm anything but its owner, whom it embalms in a hideous manner (for proof, see Gollum), instead it has the power to destroy everything.
And Galadriel's elbalmed world isn't a bad place to live in, not until the elves leave it, at which point it becomes about as dead as any other 'ordinary' forest. The elves do seem to bring a special kind of lilfe to something that otherwise would seems plain and boring. Bilbo didn't mind living out his days in Rivendell.
But ultimately, for all their love of Middle-Earth, all Elves grow tired of it and leave it for the shores of the undying land, where everything is embalmed and unchanged