No race gets as many advantages from Battle as a Last Resort (BaLR) as the Dwarves do (perhaps only Necromancers with their vampires, but that's only against neutrals).
And in general, all races are a little overpowered.
Isn't the high initiative of the Sylvan Elves, plus the Druid's Path, overpowered?
And the retraining of Monks into Cavalry?
And the Tier 3 mini-artifacts?
And the Hunters (piercing through archers without losses)...
In the end, you can play well with any race (at least on large and medium-sized maps); I like how balanced the game is.