In some cases yes, restriction can encourage better art, usually by the artist reacting against the restrictions. But even if you feel the restriction itself is a necessary part of good art the good news is there'll always be restrictions placed upon chargen by the rules set (whichever one you use.) As for the concept of RPG characters as art, or as you seem to be meaning it, Art: yeah nah.
I am against stats tied to race. If you wish to know why, there's whole threads about why this is a bad idea.
From a game mechanical point of view - I much prefer a system of pure points buy. Want a genius character? Genius level IQ* it costs you X points. Done. Don't matter if you say your character is an elf, an orc, or a small furry creature from Alpha Centauri, that stat costs X points.
I'm okay with certain mechanical differences. Differences that are.. hmmm struggling for the right terminology... So here's examples of mechanical differences I have no problem with that I hope illustrate my point:
Night vision. Dwarves can see in the dark.
Wings. Aracockra have wings. They can fly.
* yes, IQ is very problematic.