It is, sorta. But there wasn’t an exodus. The disappearance happened within recorded history, meaning the Dwemer (who are elves) had interactions, war, and empires alongside the living races. Then, suddenly, the vanished. A sudden cessation of communication and existence.
Current consensus is that their chief engineer, and thus leader, Kagrenac, utilized tonal magic (which the dwemer invented) to transcend the mortal plane, Mundus.





I really wish they had explored this at all. They set up something neat, then let it languish.