Well, it is true in some cases and untrue in others. To begin with, you would need to specify a specific edition of D&D and a specific campaign setting. The most popular one is probably D&D 3.5 Forgotten Realms (i.e. the one with Faerūn). This setting has Sun, Moon, Wood, and Wild Elves. There are also Painted Elves, Star Elves, and Drow, but they're all much more niche.
Sun Elves and Moon Elves are both effectively high elves. They consider themselves apart from the world. Sun Elves are the stereotypical arrogant, haughty high elves we all know and love, but Moon Elves tend to be very down to earth and open to other races and cultures.
Wood and Wild Elves are effectively forest elves, and do consider themselves to be part of the world. Wood Elves mostly keep to themselves, and prefer to go unnoticed by humans and other races, though they will trade and ally with them when it suits them. They are probably the most similar race to Dwarf Fortress elves. Wild Elves are extremely isolationist, and are the most feral elven race. They would kill any non-elf to enter their territory.
Now while I do tend to gravitate towards elves when it comes to Forgotten Realms, I am not really a fan of the setting as a whole. It's terribly generic and has some really stupid shit when it comes to the metaphysics of the setting. Most of this wouldn't come up in Dwarf Fortress so it wouldn't bother me, though. I really just want a well thought out playable race of elves, so if an FR mod is the best way to get that, I'm down to help out. If the goal is just to recreate any D&D setting, why not do Pathfinder instead?