This explanation seems to ignore much more obvious motivations. Most of the recent violent protests were triggered by concerns about immigrants committing violent crime and sexual offenses or harassment, often following concrete incidents.
Public safety seems like the clear primary motivation here.
One could make an argument in the direction that this is fueled by elites trying to distract from other issues.
However, I think that glossing over the primary concern to claim that the outrage is essentially engineered or purely driven by economic factors and living standard, will not convince the public. At least that's my opinion.