Cliff racers, not even a million of them, could take down a dragon - Dragons fly faster, so all it has to do is use its speed to create a cliff-racer funnel behind it, spin around in midair, and roast/freeze them ALL in a single breath.
In mid-air combat straight-line speed accounts for very little. Dragons land from time to time, and they often doze off in blissful tranquility. Cliff racers often stalk and ambush, preferably surprise attacking what they take on.
If it would have been so easy for dragons to bbq cliff racers than there would have been dragons in Morrowind, not cliff racers. Cliff racers will overcome dragons, it's a matter of sheer numbers and attrition.