Well yes, but actually no. “Gods” on Azeroth are strictly speaking a different definition to what we would consider. They are neither omnipotent nor omnipresent or omniscient. They may have one of the aforementioned traits however.
The only “God” by what your definition is (ie the traditional one we use in the real world) would be Elune, as she is transcendent, omnipresent and (potentially) omniscient. The Light and Void are fields of power less than actual entities, although they did collectively create the physical universe.
Structured organised religion is limited to a few races, namely those within the Alliance predominantly, mainly Humans, Night Elves and Draenei. While there is a Dwarven clergy as well, they seem to be less spiritual and more practical in their worship (which suits them as a race).
The Horde as a whole is less organised, scripture and commandment based and more personal, animistic and totemic related spirituality. The major exceptions being the Forsaken who have their own twisted reflection of the Church of Light in the Cult of Forgotten Shadow and to a lesser extent, the Blood Elves with their priesthood and Blood Knights.
In regards to the Trolls and their Loa, unlike the Night Elves who do not worship their ancients as such, rather revere and seek to emulate (Druids mainly) the Zandalari instead have dedicated priesthoods to their Loa, so they are more like an organised religion akin to the ancient Hellenic faith of the Greco-Roman world, even down to an appointed “High Priest of X Loa”.
Elemental Lords are akin to divinity, as they cannot be slain on the physical plane, although this is also a trait shared with Demons. As already mentioned Neptulon is held in high regard by many aquatic creatures like Murlocs. The “Cult of Ragnaros” is present and has a number of Dark Iron adherents as well.
But coming back to the point of religion, there is a difference between organised worship of a specific pantheon or individual beings considered worthy of such and veneration of ancestral spirits or the spirit of life itself. Dogmatic religion in Azeroth is actually not as common as our own world, even the Light has a lot of interpretive elements to it, despite two belief systems with their own codes of right and wrong and expectations coming from both Humans and Draenei being present.