You get more racquet head speed by rotating your body faster. Gluing your elbow to your body is merely a workaround solution. In reality, it gets you less power.
When you say "my wrist stays bent for too long", what do you mean? It's normal to have a wide variety of degrees of either flexion or extension
on the takeback. It really depends on your grip and swing style.
And no, don't care about where your racquet tip is. That's normal.