It is supposed to be a benfit of being elf.
This game is so item based that it wouldn't make a difference in benefits for one race or the other.
We just got nocturne earrings which allow us to see with nightsight w/o the use of an important armor slot. That steals one benefit from the elves. Pads of the cu sidhe give humans the ability to ride cu sidhes (again stolen from the elves).
Benefits should not be able to be aquired through items. Meaning they should be 100% unique to that race. Well EA effectively killed that. JOAT is honestly a joke and kills taming for me being a human character. I can't tame a creature without disrupting (so I use a bow).
The elves/humans natural regain abilities are somewhat stupid considering the amount of items in game that contribute to the same cause.
The only useful benefits would be the humans extra strength and the elves natural ability to aquire resources. Either way it doesn't make a difference to me because getting a specific resource is still a pain in the butt.
Personally I believe the benefits system should be removed. One way or the other you're not really benefiting more than the other race which totally defeats the purpose.