Yes! If you're dealing with groups of people larger than a certain size, you need some kind of rank signifiers -- preferably visual as well as linguistic. This could be as simple as handing out a particular colored ribbon to tie in your hair and calling your officer types "staff-people," but you need SOMETHING to organize around. You can use titles of nobility for that in a pinch, but to have NEITHER gradations of nobility NOR military rank is a downright peculiar worldbuilding gap.

...Maybe elves just have good enough memories that they just use visual rank signifiers and rely on knowing everyone's personal names for the rest? If everyone knows who Jimbob is, then shouting "rally around Jimbob!" is a marginally less wildly impractical approach than it would be among humans in groups larger than a few dozen people, especially if Jimbob is wearing a big flashy helmet or something.

Maedhros would totally take a ruthlessly practical approach to titles, wouldn't he? He's all about, "Is this useful for holding together a coalition to fight Morgoth? If yes, do it. If no, stop doing it and fix the problem." Or at least, that's his approach until he falls into suicidal despair.