If my opening questions answer is "yes", then wouldn't the +5/+10 skill bonuses races receive only be beneficial at the start of the game?
I know the races have individual racial abilities, but most of them are not that great. For every one of the racial abilities, you can get a spell or potion to do the same, except for the +50 magicka the High Elf has. You could have some enchanted armor and/or a potion to increase magicka, but a High Elf could do that plus have its racial +50 on top.
Is this correct? (And wouldn't this make High Elves the best race?)