Isnt this popular term "person of color" actually dismissive and inaccurate at least; racist at worst?

Such a term throws everyone who isn't white into the same barrel. It discounts the distinct experiences, cultures, and social positions of each race. For example, the situation of black people in America is unique from all others. The rights and privileges enjoyed and exploited by all the other non-whites have come from the price that blacks paid through slavery and civil rights. Lumping them in with blacks in America is simply culturally and historically inaccurate = a liberal lie.