It all depends on how focused the character's specialty is. Edge is a wonky stat. On the one hand, a high Edge is incredibly useful, and can give a character a huge power boost when needed. On the other hand, it is almost never essential to a character concept, so whenever I need to pare down a character, Edge is usually one of the first things to get lowered.
But if you keep the human in the example's Edge at 2, the same as the elf's, then that human will have 40 more points of gear, skills, or contacts. I'm not trying to argue that some metatypes come out ahead purely points-wise (like orks), or that humans don't suffer from having less points they can allocated to Attributes. But I still don't think they are unplayable - just slightly less optimal, and still well within the range where you can make one that is a viable character.