Belafon
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Yes, thought it's not quite as clear-cut as it is for half-elfs. The relevant racial traits are worded a bit differently.
Inner Sea Races wrote:
Aquatic: Aquatic elves are humanoids with the aquatic and elf subtypes. They can breathe water.
CRB wrote:
Elf Blood: Half-elves count as both elves and humans for any effect related to race.
Although I don't think it is ever explicitly stated anywhere, having the "XYZ subtype" includes "you count as an XYZ for any effects specific to an XYZ." (Note that there are also ways to count as a member of a race without explicitly gaining the subtype, such as the human Racial Heritage feat.)