The elements stuff was kinda essential to the gameplay in the original.
Everything has a cost. You use up fuel and oxygen for any kind of travelling. You use metal minerals to repair your hull, which can get damaged by e.g. entering a planet's atmosphere, or getting too close to a sun. Various elements can be used to create or repair modules that add functionality or bonuses.
There is an inventory management aspect where modules use up slots, so the more cool shit you add to your craft the less elements etc you can carry.
You can mine planets for minerals and fuel, or do some risky stuff like scooping a star for fuel (but say goodbye to some of your hull). You can get oxygen and other gases from planets with atmosphere.
There are some choose-your-own-adventure style encounters on occasion. These can reward you (e.g. you find an abandoned ship you can take over if it's better than your current) or penalise you (e.g. you meet some alien creature who steals half your hydrogen if you choose the wrong response).
The core gameplay is fairly simple, but this sequel looks a lot more complex.