From every example I have seen in game the tundra elemental in a lone monster in a small cave. This creature use to be mineable after killing it for the amount of star metal that you get from a star metal node. Since 1.1.1 they only skin for 1-2 single star metal ore.
Given there is absolutely no reason to visit these remote caves to see this wolf if they aren’t worth anything at all. This particular wolf respawns just like a mining node after a set time. It isn’t a fast way to get star metal either as the caves are usually baren as well.
Perhaps it should be reconsidered to return the Tundra Elementals mined skin value for star metal ore back to its original value.