I see this explanation very often but have not encountered textual evidence (either for or against this hypothesis). The feats we see from every ringbearer (be it the Sauron, the Witch King, Galadriel, Gandalf and even Frodo) can more easily be explained by the rings just enhancing magical feats of all kinds, and maybe the elven ones are better at preservation magic. I wouldn’t be surprised if I was wrong, though