This is quite real-worldish. Compared to most real species human senses are lousy. They replace them with technology and a symbiotic relationship with another species (dogs). It turned out to be an effective survival strategy.
This is a commonly held myth. Humans have very a strong set of sense perceptions. Sure, if you compare any single aspect of a human sense one on one to the best in the animal kingdom (say, a human's long range vision to an eagles'), you can find stronger exceptions. Usually. But that's not because our sense is weak, but because that animal is an extreme specialist.
Consider touch. The human sense of touch, especially in our hands, is absolutely extraordinary. We sense details and manipulate objects far beyond the capacity of almost any other species. An S tier sense.
Vision. About a quarter of our massive brain is dealing with processing visual data, all the time. We see colour far better than most mammals, we have exceptional depth perception, we sense movement better than most other species, and we are unusually well equipped to see well at a distance while also being able to perceive extreme detail close up. We have extraordinary pattern recognition (which is why we can see through camouflage that an eagle would be visually baffled by). It's true that we can't, say, see into the ultra-violet like many non-mammalian species, but we don't really need to, and all of those species have plenty of weaknesses in their vision. Human vision is S tier in the animal kingdom.
Hearing. Human have a fairly typical range of hearing compared to other animals. Some animals excel more towards extreme low frequencies (elephants) or high frequencies (bats); we are more a middle of the road kind of animal. Elephants and bats are deaf to most of what we can hear, just as we are to most of what they can hear. Where humans excel is at auditory sorting; our brains are exceptional at making sense of auditory patterns within noisy environments, such as a crowded room. Overall, humans are outstanding hearers. We're A tier hearers.
Taste. Compared to a lot of mammals, our sense of taste is incredible! Humans have far more taste receptors than most animals do, and can distinguish far more flavours and combinations of flavours. Your beloved dog can taste a fraction of what you can. We aren't on the same scale as some animals who basically navigate the world through tase, but as far as typical animals go, we're A tier tasters.
Smell. We're not great, but we're a lot better than most folks think. The reason we think humans are terrible at smelling is probably because we compare ourselves to dogs. Smell is everything to a dog; it's like vision is for us. Though even there it's not cut and dry; humans are more sensitive to certain scents, ones that really matter to us, than even dogs are (for example, dogs are less sensitive to a lot of fruit smells - makes sense; they don't eat fruit). Humans are C-B tier smellers.
Then there's tons of other senses, like temperature (thermoreception): We are S+ tier when it comes to sensing and regulating our body temperature. It's why we're also top tier distance runners. Balance (equilibrioception) - humans are very good. Time, the location of our body parts, direction, movement, and so on. The human umveldt is very impressive in the animal kingdom, which makes sense because we have a ginormously strong brain that can track and process lots more sense perception data than any other animal.
So no, humans do not have lousy senses compared to most real species. It's the opposite. We probably have, as a package, the best sense perceptions in the animal kingdom because we have giant brains, and the brain is where sense perceptions are unpacked and experienced. Most animals are much more narrowly specialized in their sense perceptions and have a tiny umveldt compared to us.
However, In D&D terms, there are a ton of other sapient species with big ol' brains, some of who seem to have senses that we lack, on top of the ones that are standard in humans. So their umveldt would be even bigger.