Yep. Rock-paper-scissors logic; dwarves are heavy infantry, elves are ranged support, humans are anything missing in between.

Warcraft's night elves were originally warriors, rogues, and hunters dominantly - getting mages didn't happen until Cataclysm or so, and your typical NE sentinel is equipped with warglaives, riding tigers like some sort of fierce cavalry troop. And their most famous night elf, Illidan Stormrage, grew horns and wings and (presumably) such a thick, demonic hide that no sword or spear should easily be able to pierce him (considering he went toe to hoof with Arthas and wasn't simply struck down by Frostmourne, which doesn't seem to be a lightweight in the swords arena.) Sure, they have lots of bows, lots of druids, and lots of zerg tactic style logic that ruins their military merits, but when you have soldiers willing to turn into bears and take the front line without anything better under their fur than some leather bikini... I mean, that suggests it's militarily feasible somehow? But then again, it's Blizzard; everything in Blizzard war takes on the Strength in Numbers tactic only.