It's hard to say because the lyrics aren't explicitly racist, but they allude to the false narrative that right-wing media made about BLM. But it could just as easily be about Antifa.
@BohemianBabe "Although it wasn’t reported at the time, New York Magazine has revealed that back in October 2020, the Black Lives Matter Global Network Foundation — often abbreviated BLMGNF or just BLM — spent nearly $6 million in donated funds on a luxurious estate in Studio City, an upscale Los Angeles neighborhood.
The all-cash deal closed five months after George Floyd’s murder sparked nationwide protests and widespread donations to various BLM chapters. In February 2021, BLM financial documents revealed the organization raised more than $90 million in 2020 alone, making the $6 million property splurge a drop in the proverbial bucket."