All this new elemental information sounds very complicated is it visually clear in game how effective spells are?
It's really pretty simple for the most part. For most basic enemies, you'll know "attacking robots with lightning does extra damage" as in most other games. And "attacking icicle leapers with ice/water does almost nothing" and things like that. When you attack them, you can see the little up arrow with the icon of the element they are weak to, or the down arrow to the elements they are strong against. All that is right above their health bar.
For bosses there are more variants, so each boss you'll have to see what the strengths/weaknesses are. Since it's sorted from best to worst in terms of what you should use, you don't even need the exact numbers to make your decision (and if you want those, you can easily pause and look at them). Anything not listed is unaffected, so no changes happen.
Secondarily, the more you attack an enemy with one spell, the stronger they get against it. This again really only matters in practice for bosses, unless you are playing several levels up from your civ level. But as the bosses are getting stronger to one thing, they're getting weaker to its opposite. Thus you'll want to outfit yourself with paired spells when you go out to fight a boss in particular: if you normally use lightning spells, then also bring along forest rage or launch rock or similar so that once you've lightning'ed them up for a while you can do some rock hits for much larger damage.
It is definitely more complex than it was before, but before it was kind of "shoot anything in the face with any spell until it's dead," and that was always incomplete. The elemental stuff makes it so that you want to plan for specific kinds of enemies, and do extra damage or avoid doing less damage. In a lot of respects it's kind of like AI War, where you can't just spam frigates on every planet all the time; you have to bring at least a slightly mixed group of stuff for balance.
Anyway, I think you'll find it a lot more clear when you see it in action.