I used to be a dwarf person, but now I can sort of see the benefits of both races. I haven't read up on my Wulfgard lore (I was going to do that today, actually), but I've still made observations about both races judging from D&D.
I've always liked dwarves because of Gimli. I didn't have much interest in LotR as a child, but Gimli made it all worthwhile, even if he was horribly humiliated and used primarily for comic relief as opposed to the books (from what I've heard). I always liked the idea of dwarf culture being underground and/or in the mountains. I was drawn to dwarves because of their honor, respect, and generally badass combat abilities. Of course, the stereotype of them specializing with axes and hammers helped, too. Not enough fantasy characters specialize with warhammers these days.
As for D&D specifics, I always enjoyed a dwarf's ability to know the languages of other tunnel dwellers like gnomes. I also like their capability to detect traps and secret passages underground, not that I ever get to use it. One thing that always unsettled me was the idea that dwarven men and women look alike. It's just...I'd rather pretend like dwarven women don't exist. As Gimli says, dwarves just pop out of the ground. Another thing that I like about dwarves is their magical resistance. For one reason or another D&D dwarves are adverse to magic and cannot be spell casters (they can be clerics though, I think). This also makes them invulnerable to hostile magic, on occasion. That's a plus.
Elves, on the other hand, I always found boring and irritating. However, after some time I began to get interested in the mystique that surrounds them. The different subraces, the mysterious nature of their deaths, the link with nature. They seem to know what's going on in the world better than anyone else, and for that you have to give them some respect. There's a lot that you can do with an elven character, and that's why over time I've become drawn to them - I love creating interesting characters. Not all elves have to be Legolas, but a lot of fantasy universes place certain restrictions on dwarves that make it so that finding a non-fighter dwarf is an extremely rare occurrence. It's gotten to the point where I have a hard time imagining a dwarf that isn't noble and warrior-like or psychotic and warrior-like. That's something that I'm trying to get past right now.
But uh, yeah, that's all based on D&D stuff, and this is a Wulfgard topic. I'll admit that I know next to nothing about Wulfgard, which is something that I plan to change this weekend...Maybe then I'll have a better, more accurate argument to present here.