Are all races, from a genetics standpoint, really equal in all ways?

No, not really equal but different in ways that make the races different. Melanin content of the skin protects against the sun, and differs where that race developed. The epicanthic fold in Asian eyes is a survival trait for vision in snow. The sickle-cell gene was developed to protect people in Malaria infested areas. The theory you are tripping around can be politically incorrect, but in general the human races have developed in response to their varied environments, and differences in the races are reflections of natural selection that make each race and human being the best that it can be.