According to the commit history in the source code for intellij-community/bin/win/elevator.exe
on Github, the very first commit (May 17, 2017) states:
Add sudo-like tool for windows to deal with UAC…
When admin user launches Intellij, Windows revokes many user
privileges to improve safety for admin users (that is how UAC works).
One can't access "Program Files": any attempt to write something there
leads on ACCESS_DENIED(5) error even if NTFS reports file is writable
The only way to elevate privileges is to launch process as elevated.
"Elevator.sln" is Win32API app that launches command as elevated. See
its sources for more info.
On Windows, application softwares (like IntelliJ or Android Studio) are limited to standard user privileges until an administrator authorizes an increase or an elevation occurs.
Since IntelliJ powers Android Studio, it makes sense for that file to show up in an Android Studio update.