In the US, that might be true. Germany doesn’t recognise it as such (page 82, “only illegal in connection with outlawed organisations, otherwise legal”), and neither does Ukraine. Context matters.
You can consider it more akin to the Iron Cross, just less common, which the ADL has a much better take on: “[…] an Iron Cross in isolation (i.e., without a superimposed swastika or without other accompanying hate symbols) cannot be determined to be a hate symbol. Care must therefore be used to correctly interpret this symbol in whatever context in which it may be found.”