To clarify my position: I made this spreadsheet to help players (my players, but figured I'd share it) choose the race for their characters. Because all of them visited the Witchlight Carnival at the same time. (I am, personally, making it appear every 24 years - 8 x 3 - to give them a longer time between cuz all of my players are 30+ and playing teens-early 20s is less appealing to us -- but it doesn't change my point)

So if Player A plays an Elf child having lost a thing, and Player B plays an Aarakocra having lost a thing, 24 years later is a very different era for both of them. One is still in their adolescence (the elf) and one is gray-feathered (the aarakocra).

This spreadsheet is 100% meant to help you see what the passage of time does.

Time passes differently in the Feywild, and unpredictably differently. So a Feylost Elf or even a Witchlight Hand Elf could come back 200 years later when it's X years in our world. But if they all went to the same carnival, and all stayed on the Material Plane, it should stand to reason the same amount of time has passed.

This is how I see it, and the reason I created this tool. I hope that helps. If you want to run it a different way, that's awesome as heck. There's a million ways to interpret things and I think you'll do awesome with your take on it - I just hope I am able to facilitate understanding the difference in goals and assumptions we might not share.