Necropolis definitely dominates, but only because of the number of starting units. When playing Academy against Necropolis, I had 250 skeletons by the end of the first month, while the mages only had 100 gremlins.
250 skeletons by the end of the first month is not even a proper army; one magic attack and they're reduced to scraps, if anything remains at all.
100 gremlins are the same; if they only have the hero (a specialist in gremlins), only about 70 of them survive...