Really? Maybe I'm missing something about the Elves, but in the manual, the spell for the Master Hive is calculated using the formula 40+8*spell power, and for Master Lightning, it's 25+25*spell power. I don't understand what Enchanted Rain has to do with it. If the idea is that we'll be attacking all enemies with the Hive, and only one with Lightning, that's silly. In any case, there's also the Ice Lord.
Could it be that the "Enemies" effect affects the Hive?

The "Lord of Lightning" attack will only push back one unit, and only by 0.25 (maximum); the "Hive" attack will push back 3 (and with the amulet, all 4) units, and by 0.68. Now let's look at the damage - "Lightning" with a hero's spell power of 20 will deal 420 damage, while "Hive" will deal 410 damage (we're not considering the case where the enemy has a "Ring of Lightning Protection"). Also, relying on "Chain Lightning" is not very reliable - firstly, it's already the 4th level of the guild, and secondly (and this is perhaps the most important thing) - most often our troops are already engaged in close combat with the enemy, and area-of-effect spells like "Rain" are already risky (this applies not only to "Chain Lightning", since we don't control the area of effect).
As they say - feel the difference ;)

P.S. I'm not even talking about the fact that in a long game, the pushback from Direal will only increase, and at level 30 (for example), it will already be 0.72, and the additional damage from "Hive" will also increase by 150%