No, they are not a different “race”. And if anyone needs to talk about being boldly wrong, its you. As per the draenei heritage, the draenei/Man’ari and even the Broken have effectively taken back the word Eredar to refer to themselves as one people. Effectively the “race” is now eredar.
The people of Azeroth are not that interested in “biology” when it comes to their definition of “race”. And considering the term of “race” isn’t even abou it(considering we are still one species even if we use race as some sort of identifier) its actually even more accurate to say that the elven people are one species and are not biologically distinct enough to be considering different. Even if magic is involved.
In comic book terms, even though Spider-Man has some spider DNA and spider powers, he is in fact, still considered human.