Elizabeth is zoner/momentum based. Her objective is to stall for time so she can gain access to her more powerful tools fullscreen. Her zoning tools are for harassment, and for approaching (maragidyne). Up close she is more grappler-centered. Her status effects, Fear and Paralyze, supplement her close range game by making Thantanos' command grab fatal counter and unjumpable, respectably, making it hard to counter especially in the corner. The grab is her main source of damage and conditioning the foe to fear it will set the pace in you favor for many matchups. Poison status isn't too useful at the moment.
She has very strong strengths but very glaring weakness, and very low health. as she lacks pressure/mixup, she cannot afford any lapses in judgement or mistakes or it can, very quickly, cost her the round/match.