I agree, but not necesarily by 2 points. And on top of that, both undead and orc has a 9 point elite, which is stronger than a 7/7 army, because the multipliers have a bigger effect.
Orc/warrior in war: 1.15*1.15 (TGs) *1.076 (wages) = 12.8 point offensive elite. And then generals on top of that, but I'm not sure how they're calced so wont use them.
With fanaticism: 1.15*1.15*1.076*1.05 = 13.45
Def spec: 5*1.076 = 5.38
+ fana: 5*1.073*0.97 = 5.22
Total = 18.187
Total + fana = 18.67
Dwarf/warrior: 1.15*1.15*1.076*7 = 9.961 points.
+ Fana: 1.15*1.15*1.076*1.05*7 = 10.46 points.
Def spec: 5*1.076 = 5.38
Total = 15.341
Total + fana = 15.68
So the difference is 3 points now with fana on.
Wont do calcs for a 7/7 army , as it doesn't exist atm and I'm tired. But I do believe 9/5 is better than 7/7 because you can concentrate your modifiers on either offence or defence, where a 7/7 army would have to split them out to get the same effect.