Both approaches are theories; they are proposals, ideas, ways to go about thinking about how learning happens. There is no "more accurate" or "less accurate" in the comparison of the two models.
The Elemental Model of learning and the Holistic Model of learning are different ways of attempting to explain how the process of bringing about learning may be undertaken. Some educators prefer one approach over the other - the development of elements of learning through conditioning and measurement of behaviors as opposed to following a holistic approach that considers a student's affective needs along with cognitive development. Some students learn better under one system than the other. Some content areas may be more effectively taught with one approach than the other.