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Well, here's my humble opinion: Factions should be ranked by strength based on the stage of the game.
For example, Dark Elves are strong at the beginning, but become completely useless towards the late game. This is simply because, apart from Chaos magic, they don't have much else to offer, and Chaos magic is easily countered.
The strongest in the deep late game are probably Orcs, the Undead, and Mages.
1. Orcs have a crazy formula for calculating blood damage (and various schools of magic can turn dark/light/chaos magic into one big joke).
2. Necromancers – everything has already been said about them, but overall, they are one of the races most likely to dominate in the late game.
3. Mages – with a well-developed hero and artifacts, there were rumors of Rakshasas with an initiative of 40+. That is, by stunning the Paladins with Gargoyles or Golems, the Rakshasas will kill the Paladins before they even get to move once. And the Knight can't do anything about it – he simply won't have time to make even his first move.
Next, I would mention Demons, Sylvan, and Dwarves, which, although not as overpowered, can become almost invincible even against a Necromancer in certain builds. However, there are only a couple of such builds.
The Order and Dark Elves are the worst, as they are already in a bad state. They are top-tier in the early to mid-game, but towards the late game, no amount of Knight training will save them from strong enemy builds, and the Knight himself has nothing to offer. Yes, they have the most elite and balanced troops, but humans don't have any uber-mechanics. However, they are the most stable and reliable. You don't have to dance around with rituals as much as you do with Mages. And it's easy to create a working build, while for Mages or Demons, you need to make sacrifices to Kha-Belekh or find a mentor.
Будьте осторожны со своими желаниями. Иногда они исполняются.