I don't know about elves and dwarves, but just about every race could be a human hybrid.

But it came with stat hits. Half-elves were more like humans than elves, etc.

And from what it seems, they're separating stats from race/species. Which is probably an overall good. I'm going to use the older terminology as this was the issue with the older game. If you wanted to be a wizard, you should be an elf. If you wanted to be an elf, you should be a wizard. And things like that. Certain classes just worked better with certain races.

But now, if I want to be an elf barbarian, that's better supported. I'm not fighting the game rules to play the role I want to.