Within the context of the world-building done by an educated professor (and with the exception of dragons since, you know, they're more like a lizard than a human), yes. Yes it does make perfect biological sense. All four of the major races in that part of Middle-Earth did, in fact, live and evolve in that part of Middle-Earth.
Which is why other races from different regions of the world, most notably the south, tended towards darker skin colors. Because, you know, that's how skin colors work in humans and human-adjacent types over long periods of time/natural evolution. The colder northern climes require lighter skin in order to get enough vitamin D and the like.
And as I said in a previous post, the only one that really doesn't make much sense is dwarves. But they should be tending towards albinism rather than light beigey skin, so them having darker-skinned members is even more illogical.