elf size too large for hello world application

The elf file includes a lot of information used for jtag debugging.

The size of the file itself is not an indication of the actual memory requirements of your program.

Infact the report states your code fits in 1320bytes (plus the space required for stack and heap),

so you shouldn't have any problem with loading your application into onchip ram.

However, afaik jdi and sopc files are normally not included into elf file: probably you have switched on some option in project settings.