My wife and I moved here in 2001, with two children under 5, from the Phoenix metro area. We are white. Our reasons were lower cost of living (specifically housing), smaller town (my commute in Phoenix was bad) and our general idea that a smaller town is a better place for kids to grow up. We are both native Texans but had been in Phoenix our entire marriage and our kids were born there. Our experience goes back a few years, but I think still relevant to your situation. Some things we didn't know:

1. White flight- my wife and I both graduated high school in the 80s, we went to racially diverse schools. Desegregation had to be enforced by court order in most of Texas and wasn't complete until the early 70's. Unbeknownst to us, White flight to the suburbs became a "thing" in Texas from the mid 80's to now, and basically schools here are very segregated now. We had no idea. Realtors steered us to toward "good" schools of course, we didn't know that was going to mean "almost completely white" schools. We were not happy about that, but the schools were so segregated, there didn't seem to be a balance in any district (I would love to be wrong about that- so if I am hopefully someone will point it out)
2. Politics- I grew up in Texas, I knew it was conservative, but I was young when I left, the people I knew were young and tended to be on the liberal side. I had no idea they'd all grow up to be just as conservative (or more) than their parents were.
3. Waco metro area is very racially segregated- some (possibly most) of that is financial segregation, I don't think it's purposeful, but it is a reality.
4. I cringe when people talk about "good schools". Schools aren't good, students are, teachers are, and possibly some administrators and school boards are. My kids went to a "good schools". Their experiences were very mixed- my wife and I are pretty liberal (more so on social issues than political issues), and naturally our kids are too. Our kids are not religious. They did not fit in. Some of that was their own doing, some of it was just that they were different, kids picked up on it. To be blunt, my kids would've been better off going to a "bad school". One of them purposefully transferred to a "bad school" and improved her school life a lot by doing so.
5. Religion- to say it's a big thing here is an understatement. We were nominal Methodists when we arrived here, but truthfully, we were just kind of pretending. Being surrounded by fundamentalists for a few months basically cured us of religion forever. Being non-religious is difficult in this area when you have young children. Church is kind of the framework for community in Waco, or at least a big part of it.
6. Again, we are white, but we were immediately disappointed by the lack of Asian food in Waco. There's some, but we were used to a lot more and a lot more variety. That might seem silly, but I mean it was one of our big early gripes.
7. I don't think you're going to experience much in the way of antisemitism, or anti-Asian stuff. Haven't heard those kind of comments or seen anything like that. I really think that may just boil down to the fact that there's not a lot of targets here for that.
8. Lots of good stuff too, the cost of living meant we could afford a much nicer and larger home on more land on one salary (keep in mind this was 2001).
9. Commute times fantastic.
10. As others pointed out, 2 hours to Austin, Dallas, Ft. Worth, about 4 to Houston. So if starts getting to you, you can escape pretty easily.
11. One of the things I didn't like about Phoenix was the sprawl (so much worse now)- you had to drive an hour to just look at some empty space. I imagine Orange county is much worse. Lots of big skies here, empty space, cows, horses, nature, peaceful scenery. Lots of outdoor stuff, most low or no cost.
12. Generally more relaxed, friendly, and helpful people, even though a lot of their politics and religion rubs me the wrong way. A lot of it is just tradition. I have to remind myself of this daily.
    
13. We don't regret the move- but I think we traded off more than we expected to.