Elementor is one of the Top Suggested Page Builders in the WordPress world, most WordPress developers suggest using Elementor as it is easy to use with its Simple Drag & Drop Feature, and saves everyone's Time and Effort.
Yes, Elementor is Free and it's available on WordPress Repository/Library. You can easily create a decent/Professional website using Elementor Free page builder with the help of free 3rd party addons available on the Repository.
Elementor has a Pro version too, which extends the functionality a bit far such as adding dynamic conditions and customizing woocommerce (An ecommerce plugin for WordPress) or blog templates designs that can override the default WordPress theme's layout/style. It is also great if you want to use a more complex website with more complex features.
Elementor Pro has 4 Different Pricing Plans, all these plans are for Yearly subscription-based pricing.
ESSENTIAL For 1 WEBSITE - US$49/ year
EXPERT For 25 WEBSITES - US$199/ year
STUDIO For 100 WEBSITE - US$499/ year
AGENCY For 1000 WEBSITE - US$999/ year
And there's an additional plan of - GET 3 PRO WEBSITES FOR US$99
All plans include a 30-day money back guarantee.
Apart from these, there is an additional Plan with Hosting Service
BUILD & PUBLISH A HOSTED 1 ELEMENTOR WEBSITE - US$89/ year
So we can use the license only for a year and it has to be renewed every year to get the latest updates for Elementor Pro Plugin.
If you don't renew your Elementor Pro subscription, you probably won't get updates anymore but you can use your plugin.
But the issue using a non-updated plugin will cause the website to get hacked soon or layouts might break with incompatibility of the latest WordPress core update in the future.
If you want the full control of the Elementor feature to build a really Great website then Elementor Pro is for You.