I guess we will see a lot of human wizards in light armor.
Is Arcane Spell Failure no longer a thing? Genuine question. It's still a thing in Pathfinder (or Owlcat's WotR at least) so I assumed it was still in D&D too.
As long as you have proficiency with the armor you are wearing, you can cast spells. Just Wizards and Sorcerers don't get armor proficiency naturally so you need racial features or feats to achieve that.