It's both. Yes, there is no war but class war, but a massive part of the divide and conquer strategy that the ultra wealthy have been waging on humanity for centuries, if not millenia, includes a massive amount of racism and sexism in order to distract the masses from their actual oppressors.

Racism can easilly be traced back to the elites brainwashing the population (no baby is born racist), but it is absolutely a real thing. A big part of the reason why white privilege is a thing in the US is due to historical racism and slavery in the US. There was a whole civil war fought because the elites wanted to own black slaves, and we still see echoes of that to this very day.