It’s better in 9.5 in that you can now create presets with crossmapping from the source file, but an automatic standard mapping using Inherit would be easier when going from wav to flac. Most conversion programs that support WAV ID3, like MediaHuman, Foobar, and XLD, do that automatically.
I think right now in 9.5 you’d have to make the FLAC metadata preset yourself to pass from the source wav file, so you can do it with the wav ID3, RIFF, and CART crossmapping to Vorbis (flac), but it’s not automatic, and the Inherit selection doesn’t do it.
In Elements, I don’t know.