I disagree that the playing field is tilted against elves. They may not get the body and strength bonuses that orks and trolls do, but they can make great combat characters, and have a decent (even great relatively) charisma to boot. That isn't even looking at the elven shamatic mage who gets to use the boosted charisma to help resist drain, control more spirits etc.
It's simple math. An elf character gets a net gain of 5 points. A Troll gets 30, and Ork 25. Trolls and Orks get more character points than elves or humans, players will build to that.
It's not "simple math", depending on the situation, Body 4 /= Agility 4 /= Charisma 4. After all, if it were that "simple", you should see an equal distribution of players in your group looking to have Charisma, Intuition, Edge, &c at 4 as Body / Strength at 4 (or higher.
The fact of the matter is that the players in this group seem to view high body / strength as far more important than Agility, Charisma, Intuition. This is nothing to do with math, but play style.
Look at that Ork vs Elf, again. You say that the Elf is a weaker race. Ever build a mage with a penchant for summoning? At that point, 2 free points of charisma is a god-send. And trust me, the guy running around with 3 or 4 bound spirits scares me more than a troll with Body 10, Strength 10, Charisma 2, Willpower 3.
It's called the spirits Fear him (he fails to resist, with his average Willpower, if the Spirit's semi-competent). At that point, he has to make a Charisma + Willpower roll just to face the elf's spirits. That's when the elf comes out of hiding & intimidates him (with +2 for outnumbering the subject, +2 for wielding obvious magic, -2 b/c the troll is carrying an obvious weapon). The troll resists with Charisma + Intimidation, of which he has none, so he's throwing 1 die, assuming no negative modifiers (and if he's feared, I'm imposing some). Congratulations, your big scary troll has been intimidated into surrendering by an elf with Body 2, Strength 2 and just a little fore-thought.
There is no "simple math" to building a 3-dimensional character capable of handling varied and complex problems. There is only simple math if you focus on one aspect of the game at the expense of all others. Have these guys ever met a Control Thoughts spell?
What about Stunbolt? So much for their armor and body, it's 100% willpower, both on resistance and the damage track affected. Once they're one-shotted a few times by that Body 1, Strength 1, Reaction 6, Intuition 6, Magic 6 (see, math builds one-trick ponies, dangerous one-trick ponies, but none-the-less, this guy is going before your trolls and orks) combat mage, they'll think twice before assuming that everything boils down to two stats.