On one hand it makes sense that medieval european social relations imply, well, medieval european social relations and it makes sense to use your novel (or your show) to examine those.
On the other I can relate to many people wanting to see women in medieval fantasy to be represented in some other way than constant misery porn.
I think for both of them it comes down to why it exists in your setting?
Is the fictional society racist just because and it’s not really relevant, there’s just an underclass race for no reason? Or even worse, it’s idolized? That’s bad.
Is the fictional society racist because your work is trying to comment on real racism and it’s an important part of the story? That’s fine.
deleted by creator
What you are describing is how Hollywood and Disney has presented medieval history up until recently, and it was basically just monarchist propaganda because it glorifies feudalism and hides all the bad parts