In other words, without Toba we may we have spent the last 70 000 years in the same way we spent the 70 000 before that.
There is perhaps something to be said for that, but it's worth noting that the "70 000 before that" were not in any sense a static period. Compared to the previous million years it was a period of unprecedented change and technological development. Now, perhaps we can argue that without
Toba things merely continue at the same pace, but with the much larger population I suspect we'd still be stumbling into a pseudo-Neolithic by now.
As for the resulting racial characteristics, to my knowledge the first Homo sapiens were almost entirely in Africa at the time, possibly heading toward the Middle East. If they expand as they did in OTL, you'll still see pygmies in the Congo, !San(ish) peoples in southern Africa, straighter hair and lighter skin from Britain to Japan, and short people with rounded faces and reduced facial hair in the Arctic.
What's likely to change is more a question of cosmetics. Perhaps no light-haired trait ever develops. Perhaps it develops in Siberia and is carried across East Asia when the proto-Asiatics push out the proto-Australoids (probably not using the right anthropology terms there). Or perhaps the Siberian invasion of OTL never happens, and "Asians" all look like the OTL Ainu.
One thought: It's likely that Toba was nearly as detrimental, or even more so, to the other Old World hominids alive at the time. There's a case to be made that it cleared the field by eliminating populations and that the most advantaged race (Or the most southerly, perhaps?) had the advantage of moving into empty or lightly populated territory. Sans Toba they'd be actively competing with more entrenched populations.