I agree with Judith that the word has little value other than as a poor stereotype. In my mind at least, it implies physical impairment - frailty, lack of mobility, poor health.
When someone refers to their elderly father, these are the images it conjures.
I don’t imagine a robust 85 year old still kayaking and hiking and playing pickle ball (my Uncle) or an 82 year old walking 10,000 steps per day (my Dad). So for those reasons, I don’t like associating it with an age, or really using it at all.
We have many words to use to describe someone; elderly, if linked to someone by age alone, seems to lack precision.