By 4 but yes, I guess that's one way to look at it.
Old : 12/24 = 50% bonus. New : 42% bonus. That's still a relevant difference albeit not that bad. Especially as the relevance of the bonus in the early game is now less. Previously, playing Elf was the one way to have acceptable early power. Now, the few extra points you can get this way won't even substitute for a single new magic building.
Halflings are currently 2/3, so raising them to 1 would make sense.
Old : 12/24 = 50% bonus. New : 42% bonus. That's still a relevant difference albeit not that bad. Especially as the relevance of the bonus in the early game is now less. Previously, playing Elf was the one way to have acceptable early power. Now, the few extra points you can get this way won't even substitute for a single new magic building.
Halflings are currently 2/3, so raising them to 1 would make sense.