There is a glaring factual error w/r/t assimilated jews: they were often the targets of expropriations that acted as a form of primitive accumulation during the emergence of capitalism. Also the concept of Jewish 'semitism' or Jews as a 'semitic race' was imposed from without by white reactionaries campaigning against the 'nefarious influence' of a supposed 'lesser race'.

It's a mostly ridiculous term now and is mostly a legacy thing. The actual content of the word does not refer to the Semitic Languages or to people of supposed Mesopotamian extraction.