Thank you. Now it is another problem.
Did you update the Elementor plugin?
You have to ask WordPress. Maybe in WordPress 7 they will change to something more secure? Let’s keep to OP topic
No, not really. I’m not sure what they use (I think it’s bcrypt), but their password storage is secure.
However, they have fallback functionality to MD5 passwords. And since MySQL has a built-in MD5 function but not a built-in bcrypt function, it’s more practical to set a temporary password with MD5 only. But when you login, WordPress will upgrade the stored hash to their usual, strong hashing mechanism.