I think there's a real difference between teaching wrong-but-very-useful things like Newtonian mechanics and teaching wrong-and-not-at-all-useful things like the four elements.
I also think it's unfair to characterize Newtonian mechanics as "wrong." Under the right circumstances - ones that apply to a lot of day-to-day scenarios - it accurately predicts what will happen. Not so much with the four elements. They, in fact, do not have any predictive power.
I found learning about things like caloric theory, and the ways it was dis-proven, in physics rather enlightening since it gives great insight into the evolution of scientific knowledge and the general workings of the scientific method.
Learning about the four elements is useful if one approaches it from the perspective of learning about how such models are built.
Its not always about the outcome, but rather the process of reasoning.