In a previous edition, yes, but with the way ability scores are more influential in 5e, 4d6b3 (which reaches back to AD&D 1e) is also fine, with the ability to put scores where they want them also being fine. I don't find your either or position to hold much water. I did like B/X's 9-12 = +0, 13-15 =+1, 16-17 =+2, 18 =+3 (and its inverse) to be a better way to handle bonuses. And you can swap scores out at char gen on a 2:1 or 3:1 basis for prime requisites.
And if your prime requisite was 13 or better you got 5% extra experience, and if it was 16 or better you got 10% extra XP. AD&D introduced racial mins in 1978's PHB.There are no racial minimums in Men and Magic as best I can recall.