PFS hand-waves a lot of the realistic expectations for wealth. You do not need to worry about the encumbrance of dragging eight masterwork suits of armor and eight masterwork glaives around with you. Your wealth is considered always accessible but never encumbering or subject to theft.
Could you clarify what you mean here? Carrying eight suits of armor and eight glaives would encumber most non-dwarves.
PFS most definitely uses the encumbrance rules. However, there are so many easy, legal ways to avoid encumbrance for wealth, that it's not worth worrying about. Gear however. That gets tracked.
The under-representation of the one-true-race is disappointing.
BTW, for the Aasimar/Tiefling fanbois, may I present the most-OP of the race options: Dual Talent. Most of what you love about the the "Blood of" books, with even more freedom.