Yes, my hypothesis was correct
- The weight of the elevator is distributed over six points (six pulleys) making it easier to lift it.
- To lift the elevator with pulleys, you need turning action. Without the pulleys to lift the elevator, you need a pull force. Using a turning force to lift the elevator is easier.
- Pulleys help control the motion of the elevator. If you wanted to stop the elevator, you need to stop turning the control pulley (pulley #2). Without pulleys, if you let go of string like you did with pulleys, it would fall.
- The elevator doesn't drop once you let go of the pulley because the counterweight helps control the motion of the elevator. The counterweight must weigh more than the elevator to counter not only the elevator but the additional load (the people) inside the elevator.
