Okay, but is Elliott really a dragon in Pete's Dragon?

Hey everyone, OliviaCinema here! So I was rewatching the original Pete's Dragon (1977) the other day, and a totally wild thought popped into my head. We all assume Elliott is a dragon, right? I mean, that's what everyone says. But... what if he's not? What if he's something else ENTIRELY? Think about it. He can turn invisible, he acts more like a giant, clumsy puppy than, y'know, Smaug. And the way Pete talks about him, it's less like a mythical beast and more like an imaginary friend who happens to be HUGE and green. Maybe Elliott is a manifestation of Pete's loneliness and need for protection after being orphaned? Like a super-powered, slightly destructive comfort blanket? The townsfolk see him, sure, but only when Pete wants them to. Is that just bad special effects from the 70s, or is it a clue? I know, I know, it's crazy talk! But the ending always felt a little... easy? Convenient? Pete suddenly finding a new family just as Elliott conveniently wanders off? Coincidence? I think NOT. Maybe Elliott's 'purpose' all along was to get Pete to a place where he can be safe and loved, and once that's accomplished, he fades away because Pete doesn't need him anymore. He's not a dragon leaving to find other dragons, he's a protector fulfilling his job. It kinda adds another layer of sadness to the ending, doesn't it? Anyway, just a random thought I had. Let me know what you guys think! Am I totally off my rocker, or does this hold SOME water? I'm ready to be roasted, haha.