The description for the druid's Wild Shape feature says, in part:
You retain the benefit of any features from your class, race, or other source and can use them if the new form is physically capable of doing so.
How do I tell if I can retain a feature? What criteria are used to determine if a racial feature would still be available in a Wild Shape form?
The Players Handbook, Page 67 states (emphasis mine):
You retain the benefit of any features from your class, race, or other source and can use them if the new form is physically capable of doing so. However, you can’t use any o f your special senses, such as darkvision, unless your new form also has that sense.
Racial Traits that are tied to physical form requirements would not transfer to WildShape. An example of this is the Aarakocra Trait of Flight(because wings). If you Wildshape into a beast that can't fly or doesn't have wings, then your Racial Trait wouldn't transfer over.
A trait like Elf Fey Ancestry for advantage on savings throws against being Charmed and immunity to magical sleep would be something that would cross over to your Wild Shape as it has no specific physical origin.
If you are unsure or want to verify, talk about it with your DM or player. The 'physical' guideline has enough gray areas that the less obvious traits may need a table ruling.
Crawford agrees in an unofficial tweet:
A racial trait works with Wild Shape unless that trait requires anatomy the beast form lacks.
When you wild shape, you are still you. Your type or race doesn't change, only your form. You just "magically assume the shape" of that animal. Spells that specifically affect beasts won't work on you per se. So the only abilities you lose are the ones tied to a specific limb or external organ of your body that the the shape you wild shaped to doesn't have.
If you are a minotaur and you turn into a bear, you cannot use your gore attacks, but if you would turn into any beast who has any piercing horn or any piercing limb (up to DM) you could still use your abilities related to your minotaur horns. For lizardfolk's natural armor, you would keep all the benefits because even though the natural armor comes from your lizard skin, there is no reason any beast's skin won't be as resistant as that.
Wild Shape is different in that sense to a polymorph since you don't fully turn yourself into the beast with Wild Shape, but rather assume the shape of it.
