That's what it's often used for, but why not simply use intersectional feminism/identity politics? That would be far more fitting and wouldn't carry the same baggage as using an idea the Nazis made up. Imho some people use this term very consciously and others simply pick it up without even realizing that there's quite a history to the idea behind it. Instead, it gets thrown at everything people disagree with:
Education too liberal -> cultural Marxism
Third wave feminism -> cultural Marxism
Government supposedly being "leftist" -> cultural Marxism
Said government not turning away refugees -> cultural Marxism
At this point, it's pretty much become the new "The communists are behind it!", which was always a common theme for Nazis, and certain US conservative circles.
Does everybody who uses it believe in the actual conspiracy theory behind it? Doubtful, but by marginalizing and normalizing the term the Overton window shifts and suddenly the cultural Marxism version, which involves an international conspiracy, becomes that much more "debatable".
It's especially troublesome to see it being used by people who so thoughtfully identify as "Christian", just like a certain Norwegian terrorist [0] who killed 77 people.
Disclaimer: I'm not attempting to silence people for their speech, I'm just questioning the terminology used because if people keep on using terminology like that, after having been made aware of its actual connotations/history, then they really shouldn't be surprised/act outraged when others locate them in a certain political camp. If I'd be ranting about class warfare and how the proletariat needs to free themselves, then people would also very quickly paint me with a certain brush, probably rightfully so.
[0] http://www.independent.co.uk/news/world/europe/anders-breivi...
I don't disagree the rhetoric by people who use the term is often overblown, but the basic fact of the critique - that Intersectional Feminism is similar to Marxism - not only seems fair but would probably elicit no disagreement from the people so characterized.