Elves are better with bows. They can shoot 2 arrows per shot and have elf only quivers. They also have high int per level and lower mp cost in advance magics. There's also the elf hide ability, cost mp and drop aggro instantly.
The also make awesome fighters because of fast movement speed.
However, they also have the WORST Will of all the races, and that determines their damage.
The Elf Ranged Shot is a mixed bag as if you miss, it leaves you vulnerable longer then a Human Ranged Shot, because both arrows will miss. Elves also cannot dual wield, they can't use two-handed weapons, or axes I think? They cannot wear heavy armor or use lances.
From a Meta POV, Elves I think are considered the "worst", they have a lot of negatives and not as many generally useful positives aside from being really fast and having Hide. Giants are generally considered the "best" I think, and they make really stupidly good Fighters who can use Heavy Armor right away, with only a 20% initial penalty I think, that goes down to 0%. They can't use bows, and have crummy magic but...