The version under discussion seems to me to be prejudiced all right, but not about race but about position. She runs off with 'one of them' but it turns out ok, because he's really 'one of us!'

The whole thing is just a variant in a huge family of songs, in many of which the father/husband challenges the lover to a duel (and wins) or simply runs the bloke through, and sometimes her as well, for talking back. This is one that ends happily, so perhaps we shouldn't knock it.

Certainly we shouldn't look for modern mores in songs which are centuries old. Everyone is a child of their time.