Racist, in what way?
Does it tackle the issue in a way that seeks to bring it to light, or is the work inherently racist? Does it address the issue, or virtue-signal?
I believe that racism in a work doesn't make the material racist, depending on how it's used.
Seeing as the genre is Magical Realism, it's expected to be grounded in terms of reality, such as trends, biases, stigma and many more topics prevalent in society.