Actually, the dragons and immortal elves were around from the Second World. But the dragons were content to let the young races do their thing, so long as they didn't interfere with dragon affairs, and the immortal elves were keeping hidden, just as they are now.
But yes, for the most part Earthdawn wasn't an ancient conspiracy running things. In Shadowrun, you do have a few groups who are looking to guide things to suit their needs. The dragons and immortal elves are two, but there's also the Black Lodge, the Catholic Church, the IOND, the Smoking Mirror, and so on. Most of these groups are at eachother's throats, however. There isn't any ancient conspiracy running things, because that would assume that all the power players could actually get along to agree on things, and the different groups weren't so divided.