The ObjectDisabledException (and other Watir exceptions) are custom exceptions that are defined in the Watir::Exception module.
To use them in your specs, you need to specify the exceptions full name:
expect { el4.set }.to raise_error(Watir::Exception::ObjectDisabledException)
Alternatively, if you are doing a lot of exception testing, you should include the Watir::Exception module by adding (some point after requiring watir):
include Watir::Exception
You can see this in the watir-classic gem's implementation.rb and watir-webdriver's spec_helper.rb.