Nope. jQuery fit(ted) a different use case (spicing up server-side rendered HTML upto small browser based app-bits). Doing a browser-side app in Elm (what it's specifically made for) makes for code base that is so much easier to work on some years from now, than using jQuery to accomplish the same.
What I want to say is, the debt you're going to accrue applying it to Elm's domain will not be a risk, it is impossible not to be destroyed by that debt. Where Elm provides a serious alternatives to the browser app frameworks that are 10 generations younger than jQuery.
Elm's size, OTOH, is certainly a risk factor.