It is but we must also realize that 'land acknowledgements' , 'indigenous reservations', etc are also ethnonationalisms.
Its working out pretty well for the Israelis
Noone owns their land because of their race but because they can defend it. The moment you can't defend it anymore, you're conquered and driven out. And conquering is attempted either naively by armed conflict like Russia in Ukraine or insidious like migrants in EU. My bet is that the first will fail and the second will succeed.
Not least because of defeatists like you!