Sure, but there are degrees of offensiveness, and racism is a great deal higher on that totem pole than nationalist stereotypes (archetypes, really) like "Mexican druglord," "Chinese/Russian hacker," and "Nigerian scam," etc.

IMO, if one can't make the point that something shouldn't be said without inaccurately labeling it as racism, then one shouldn't make the point. The only thing they're accomplishing is watering down the negative connotations of racism.