It'll also run in ROM, e.g. using a 8018x CPU w/onboard PIT and PIC.
The point of ELKS today is about "small is beautiful" and seeing what can be done when limited to 64k code and 64k data, and 640k RAM. It's based on a very old fork of Linux and many of the internal structures are similar to what was found in Linux 2.0, without the changes for SMP support.
We just recently got a native C compiler/assembler/linker toolchain up and running. I must say making that happen provided some vivid comparisons of what programmers had to go through in decades past in both slower speeds and small executable file sizes, versus what we all have and expect today at our fingertips.