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Just opened up a word press site to make my personal training website. I started with the annual personal plan but noticed it’s difficult to build my site the way I would like it to be. I saw there is a plugin called Elementor however I need the business plan. It should only take me a week to build this out so I want to opt in for the monthly membership and then revert back to my basic plan.
Would this be possible?

No. Elementor and everything you do with it will disappear when you revert. Learned this the hard way.
Do WordPress.org
WordPress is not a singular thing, you are talking about wordpress.com which is a hosting site, whereas this subreddit is mostly talking about wordpress.org, which is the location of a place where we create the WordPress software. Which is totally free, without paying for it. But you do have to pay for your own hosting.