Probably?
The issue as best I see it is that there isn't any one cause here. So when you look at the roster of Silicon Valley CEOs and see row after row of white, male faces you could say that it's because tech is racist/sexist and prevents women/people of color from ascending to management positions in companies. Then someone might counter and say, no, it's because there are far fewer women/people of colour entering the industry at the entry level, so it's understandable that there would be a lack of representation at that level.
In reality, both of those things can be true without contradicting the other. There is both a pipeline problem going all the way back to elementary schools that presumes which career a person is going to pursue, and there are incidents of sexism and racism within the tech industry, but it's next to impossible to attribute exactly what cause and what effect go together.