Unfortunately, zionism is not equivalent to a group of people. Zionism, at least in this context, is a geopolitical position, not an ethnic or religious group.
To consider an entire population of people one-dimensional and hold a political position is harmful. I literally said this exact thing in an earlier comment.
Zionism, at least in this context…
To elaborate on this point, I’ll describe it in this context, and then describe it being used as an antisemitic dog whistle, so we should be on the same page.
In this context, zionism is a political ideology based around settler colonialism, and it led to the founding of Israel, among many, many other consequences.
The meme points out a really annoying tendency that I, as a queer person, and many others have seen when supporting palestine where pro-israel people will go “lol why do you support hamas, they will literally torture you and kill you for being LGBT” even though it is pro-palestine, not pro-hamas.
In the antisemitic dogwhistle context, it is simply used as a stand-in for “the jews”. If you think this is the context people on the left are using, you lack all forms of critical reasoning.
Based on what you said, this meme would indeed be racist if you view it from the antisemitic dogwhistle context. But it isn’t coming from there. To try and conflate the two is just trying to conflate opposition to a geopolitical position with racism.