Well, no, I think that diminishes any argument about racism.
If you tell a rival fan that the US owners of Arsenal, United and Liverpool, nicknamed our owners "terrorists", then it's an easy argument to win, and most people would agree that's racism.
If you try and suggest every mention of "Middle East" owners is racist, when there are differences that do only currently apply to them, then anyone who doesn't support City is likely to roll their eyes, and it weakens any genuine arguments about racism.