Talking about racism seems a red herring in relation to this song. If you read it as extolling lynching, it seems to be extolling lynching regardless of race. If you read it as likening hyper-tough law enforcement to lynch law, once again that isn't particularly about race.

No doubt a disproprtionate number of lynch victims in the USA were black, just as a disproportionate number of people killed by the law are black. But would the song be that different if a line had been slipped in indicating that the guy being lynched was actually white?