As for whether or not variant humans seem exploity when doing it - it isn't much different than another race getting +2/+1 and a few ribbon features.
Compare V. Human with +1 to int, +1 to dex and Fey Touched (int) for +1 to int. They effectively have a +2 to int and 1/LR Misty step and 1/LR 1st level enchantment or divination spell. They also get one skill proficiency.
On the other hand, a Variant Eladrin gets +2 to dex and +1 to int, Misty Step on a Short rest, and a handful of other Elf features, including Fey Ancestry, Darkvision, and Weapon Proficiencies; and perception
I don't think the V. Human is much worse than other races when half feats are taken like this from a balance perspective; and this also lets one come up with a more customized character (in this particular case, Human raised by elves).
They are still limited to a maximum ability modifier of +3 at character creation.