I don't see it as any different than the American Pledge of Allegiance.
In a perfect world, such pledges would not be necessary.
If people dwell in America and are not allied with the flag or the republic for which it stands, they are definitelty not viewed in the same way as those who do. This allegiance means being allied with America before anything which would threaten it.
The fact that Israel wants its citizens to recognize that the purpose of its existence is to provide a homeland for Jews (which should be an obvious fact to all -and should be understandable to all given their history) does not make the oath racist. Israel allows other races to dwell in Israel in peace -though certainly some Jewish Israeli citizens are racist, and would treat others unfairly -just as any other place in the world.
How would we feel if the Arabs, for example, wanted their citizens to take an oath recognizing the fact that the U.A.E. was primarily for the good of Arabs against any who would threaten them? Should they take the "Arab" out of the U.A.E.? Should they allow acts and policies which might seek to displace Arabs altogether? Should we take offense that they might want us to recognize their right to exist and their intentions?
Racism is how we view and treat others of other races -it is not politely asking that they respect our race and our perfectly reasonable intentions.
Racism does exist everywhere -even in Israel -fueled by hatred, war, ignorance -and an unwillingness to forgive on everyone's part.
Peace to all -and soon!