when you apply elemental imbue on your weapon, part of the physical damage is converted to elemental damage.
so for example, if you have a sword with base atk:50, and you apply powerful frost (50% ice damage), you will have a weapon with atk:25 physical and 25 ice.
so you will kill demons faster as they are weak to ice, you can kill creatures immune to physical damage, but if you face any creature immune to ice, you will deal half of your normal hit.