The premise of replacement theory is that "the elites" are willfully and actively conspiring to replace white people, culturally and politically, with non-whites and eventually render the white race extinct. That they're doing it on purpose. Meeting in dark, smoke-filled rooms and planning it out.

Regardless, even in the absence of an active and willfull conspiracy, interpreting socioeconomic trends through the lens of race is still racist. Being concerned that globalism and immigration suppresses "native" wages isn't racist - but people need to learn in that case that what they hate isn't immigrants, but capitalism, because that's just efficient markets doing exactly what they're supposed to do. Being concerned that globalism and immigration suppressing "native" wages is an effort to commit white genocide and destroy white culture is what makes it racist.