Well, +1 attack is better than nothing, however, to see of the AE work as a unit, we should compare it to the korean’s WW, since it’s probably the most similar units.
Now, WW beat the EA in damage output, range, bonus damage vs buildings, speed and cost less.
EA have more HP (almost half more), less frame delay and more PA (the base armor is lower, but Indians get PT) while costing more, so they are tankier and can absorb more arrow-fire, but it also get less bonus damage vs halbs and similar (cavalry armor take less damage than elephant, about 30 vs 60).
To wrap things up, personally, I’ll always choose WW over EA.
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