Personally, I doubt it. I'm betting that Academy will only feature younger versions of all the Arena mages (that seems to be the trend so far). I have no idea what abilities and training the alternative (female) Arena wizard will possess (if I remember correctly, the devs hinted that she will have some sort of time-based abilities), but since the male Arena wizard did have full elemental training and his Academy counterpart does not, it's probably a safe bet that the same thing will happen to the female version.
There is actually a practical reason for Arcane Wonders removing the male wizard's elemental flexibility. Since Academy come with less cards than Arena, there is no way to make a fire, water, or earth wizard without buying other (Arena) expansions. And because Academy is supposed to be simpler than Arena and an introduction to Mage Wars in general, being given an ability you cannot make use of might confuse and annoy newcomers.
