Only it isnt.
Tolkien is afterall not the final arbiter of fantasy and while his personal cahtolic leanings certainly remind me of modern ideological leanings which are basically just as religious, what we need to understand is that some things are created with one purpose or another.

Tolkien was a christian, christians did afterall try to convert imaginary dog headed people in india.

That doesnt mean that you cannot have any dehumanized Evil Races that specifically are a stand in of a NON EMPHATIC threat.
They could stand for a natural desaster or they could, much like the Orcs in LOTR in many ways did, stand for an ideology, rather than the people belieivng in the ideology.

TL;DR while youre correct, youre also not making much of a point in the debate to be had.

WOTC arent very christian are they. And by their own religion, they are just, ironically, pushing negative stereotypes from fantasy races unto minorities.
By the logic that "If theres a negative stereotype associated with a fantasy race that also was at some point attributed to a human ethnic group, those two things must be connected"
That of course is bullshit.

But thats where this entire debate stems from and why i think WOTC approach is not only wrongheaded but actually wrong by their own standards.