Meaning of the elements of 爵 (baron)
The 4 elements of this kanji are well known (claw/plectrum; net; north-east; short measurement)

Unfortunately, this way of interpreting Chinese character components is not correct. As part of other characters, for the vast majority of the time, character components represent either meaning or sound of the word they originally were created for.

「爪・爫」and「寸」are both pictures of hands (see https://japanese.stackexchange.com/questions/65190/what-is-the-meaning-of-the-radical-%e6%89%8b-as-a-part-of-character);

「罒」only means net when it is an abbreviation of「网」(and since you haven't established that「爵」has had the same character components and structure since its inception, you can't make any assumptions about the character components);

「艮」doesn't mean north-east; in this case it is an abbreviation of「皀」which is a picture of a food basket and forms the bottom part of「食」(to eat); see https://japanese.stackexchange.com/questions/65804/what-is-the-etymology-of-the-kanji-%e9%a3%9f. The abbreviation of「皀」into「艮」has a different origin to「艮」itself.


Not that any of this matters for this particular character, because every component you've listed (apart from arguably「寸」) is a result of graphical corruption.


商甲乙4508合集22067商甲前5.5.2合集3409西周金爵父癸卣蓋集成4988
「爵」was originally a picture of an alcohol vessel. As seen in the top two illustrations, the vessel was of various shapes, sometimes with three legs, sometimes with a few columns near the top, and sometimes with a long handle. This is reflected in the character shape variations.
西周金伯公父勺集成9935秦簡秦律雜抄37睡虎地秦簡今楷　
Keeping the columns and the handle,

The body and legs of the character were later semantically corrupted into or replaced with「鬯」, then corrupted into「皀」and finally abbreviated into「艮」.
The handle was later replaced with「又」, then「寸」.
The columns near the top were corrupted into「爪・爫」.
The area near the mouth of the vessel was corrupted into「罒」.


「鬯」depicts another kind of wine vessel.
商甲京都1264合集23127西周金夨令方彝集成9901篆鬯部說文解字今楷　

The meaning to do with feudal title of an official (&quot;baron&quot;) is either a phonetic loan or semantic extension (wine ceremonies were usually conducted by people who can afford them, most commonly officials).

References:

季旭昇《說文新證》
小學堂
國學大師

郭沫若《甲骨文合集》
中國社會科學院考古研究所《殷周金文集成》


中國哲學書電子化計劃

宋・徐鉉等奉敕校定　漢・許慎《說文解字》