I'm not saying cosmic horror is inherently racist but how HP Lovecraft wrote it was absolutely inspired by his racism. Shadow over Innmouth could be seen as a very heavy handed metaphor for Interracial marriage. Also can't remember the actual name of the short story but HP Lovecraft for some reason found the need to point out a Jewish merchant gave someone a cheap or free Necronomicon, it was really on the god damn nose.
I mean I love the concept of cosmic horror but we would have to be blind not to see how racism especially HP Lovecraft version of it was heavily flavored by his bias and racism.