Elves are a subset of High Elves but their kingdoms have mostly fallen to decadent ruins long past - mechanically they work as Elves from Savage Worlds Deluxe.
Yes, you can be a Sorcerer, but it is defined as a dark path since the practitioner must change themselves in order to access the innate powers. The book uses the SWDX variant instead of the Fantasy Companion Sorcerer, although the definition/description is the same as the D&D/Pathfinder versions and would work well with the Fantasy Companion interpretation. Sorcerers may select Soul Drain Edge, but not Wizard Edge.
(There are also Warlocks & Wizards which work a bit differently flavor-wise and all have specific Power lists.)
That's just from skimming the SW Primeval Thule Campaign Setting.
Overall, the setting looks interesting - you can get a brief overview in the free PDF:
http://drivethrurpg.com/produc...ule&test_epoch=0