Yes, race theory generally defines racism as being build around a systemic power structure, but that doesn't mean that definition is automatically right. That's one definition, and if you're talking to people who know race theory it will be an effective way to communicate. However, the common usage of racism is racial discrimination. The point of words is to 1 communicate, and 2 shape the way we think. You can argue about point 2, but the academic definition isn't going to communicate here.