High elves.
They have a low base armor rating but are proficient with magic, making them the defense mage of choice. They also have an absurdly high Magicka pool and regenerates magic quickly to fuel their fireballs and dagger shots from long range while staying safe from melee opponents in the back line.
The Nord comes close as the best race, especially because racial bonuses make it easier to cope when under heavy attack, including magicka regeneration rates increasing when dealing with block damage, it can max out on health points (making its regenerating properties invaluable) and gets increases resistances against cold weathers; but Nord is not as potent of a choice at fighting Magic or has many benefits in other areas like speechcraft and pickpocketing.
The Orc has a perk system that boosts the Warrior’s prowess in melee combat which gives an edge over other races especially when stamina is low.