Each group of Elves has a different outlook on the event.
The Asur see it as the final titanic struggle between
good Order and evil Chaos. Asuryan is the primary player as his plans regarding the ultimate fate of the world unfold. Regardless of what happens, intelligent dragons go extinct. The vast majority of High Elves are convinced they will win.
The Asrai believe that in the final battle, the lesser races (including other Elves) will squabble and fight until the end comes. This will buy them enough time for Lileath to guide them to escape from Chaos forever. Everyone else dies. Although technically End Times already happened twice, it only stuck with the End Times event in 2014-2015.
In the End Times event of 8th Edition, the truth is revealed. The Warhammer World is not the first world that has existed. Each time Chaos has consumed a world, survivors from the last have fled to a new one in a perpetual and infinite cycle of rebirth. The first survivors become gods of the next setting. Lileath has sent Araloth, her daughter by Araloth, and a bunch of spirits culled from the greatest knights of Bretonnia, with the help of Kaldor Draigo (no, seriously), through the Warp to establish a new world. There he will become the king god, equivalent to Asuryan -- something hinted at earlier when Araloth saw a vision of the gods and beheld his own face under Asuryan's helmet.
Meanwhile, Khaine and Asuryan fought. Khaine was killed, and all three races of Elves have united under Malekith at the home of the Wood Elves to prepare for the final battle. Meanwhile, Ulthuan became Atlantis proper and Naggaroth was lost to Chaos.
So it turns out that "Ward Save"'s favorite faction was right all along and are the only ones to survive, becoming the new rulers of the race. All with the help of his favorite Gary Sue. /tg/ had not known rage since the Khornate Knights. Wood Elf players, despite being in the right all along, felt the posterior hurt as well since all of their important characters save Drycha and the twins died to make it happen (with Ariel confirmed as subordinate to Alarielle). High Elf characters either died or became subordinates to Dark Elves, with all of them going full-greenskin. Dark Elves mostly lost their identity, sinply becoming purple edgy High Elves. Of course they lost beloved characters too.
A fitting farewell for the Liege.
In essence, the Rhana Dandra is what the Craftworld Eldar believe will be the end of the universe, when the Phoenix Lords call upon all eldar to join them in a final, desperate battle against Chaos.