I wouldn't say it's limiting in the sense you can't create certain things with it. You just need to be very prepared to maybe make more choices and also write a lot more libraries that you could potentially find in Python or Ruby.
It also depends on the app you're building. For me I was building a very large app (a video course platform with multiple payment gateways). One limitation I came across with Elixir is there's no official SDKs for Stripe, PayPal, Braintree or Paddle but there are SDKs for most other popular languages. So if you plan to interface with a number of APIs, chances are you're not going to find an official client for Elixir unless the company happens to be using Elixir or are happy to support it (such as Mux).
It could be challenging and time consuming to have to write both your app level features and the underlying libraries. If your goal is to get a web app launched quickly to test it out and you already have experience with Python, Ruby, Node or PHP it's kind of a hard sell to use Elixir. It's mainly because other languages have way more community libraries and frameworks available that cover common web feature use cases. Plus there's a lot more community resources around blog posts, videos, books, courses, etc..
There's also an interesting divide right now in Phoenix around using Live View or not and if you go down the LV route there's very few resources beyond the docs, especially now with LV 0.16 coming out which completely changed the templating system and how components work. It still feels like it's in a pre-1.0 (because it is :D) semi-experimental state. As far as I know there's also no really big success stories with LV. I don't know of any big sites who are using it all-in to drive the entire navigation of their site and all routes.
The above continues to fall in line with my overall feeling of having choice fatigue with Elixir.
With that said if you're interested in it, maybe try to put together a proof concept that focuses on the hardest part of your app and if it works, make a judgment call based on your personal experience. It's possible you'll have better luck than I did. Programming language selection is a very personal choice, especially when you get past libraries choices and start writing code. If Elixir clicks enough for you at a fundamental level maybe it'll be a better choice even if it means having to write more libraries.