From a technical perspective it really was considered a great movie for decades, It is, as you mention, extremely racist, and that eventually outweighed any merits of the film itself after the techniques it developed had long become routine.
Being racist is part of that movie itself. It is not some kinf of separate thing. It is also part of its appeal and reason why some praise or recommend it.
For anyone curious about how you'd apply a literary tool to a different medium, check out The Chemical Brothers breaking down and then Rebuilding New Order's Temptation at a live show. Link should take you to the song 30min in.