From a technical perspective it really was considered a great movie for decades, It is, as you mention, extremely racist, and that eventually outweighed any merits of the film itself after the techniques it developed had long become routine.

Great movie from technical perspective and "greatest movie of all times" are two different claims tho. It is the same with Triumph of Will btw.

Being racist is part of that movie itself. It is not some kinf of separate thing. It is also part of its appeal and reason why some praise or recommend it.