I don't know if I'd call it allegory, but since Tolkien heavily based Middle-earth upon certain events, places, and peoples of our world, many similarities would exist. You said that one similarity was the dread caused by war. The reactions of the Rohirrim and the Gondorians are similar to our reactions because we are all human. We all share certain characteristics and personality traits that make us act in very similar ways. You cannot say the same thing about the Elves, though. They are a "humanoid" race, ergo we would share some characteristics, but not as many as we share with our counterparts, the Edain. They react to situations differently, because that is how they were "made," as a race. They were intended to react differently, ergo, they do.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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