People of great esteem, elevated in status, do good (4)
I believe the answer is:
gods
'people of great esteem' is the definition.
(gods are worshipped or esteemed)
'elevated in status do good' is the wordplay.
'elevated' says the letters should be written in reverse (in a down clue, letters go up).
'in' indicates a hidden word.
'sdog' is hidden in the letters of 'status do good'.
'sdog' in reverse letter order is 'GODS'.
(Other definitions for gods that I've seen before include "Deities" , "high up in theatre" , "objects of worship" , "Gallery of a theatre" , "Superhuman beings" .)