No. It is zionism, which is orthogonal to semitism, that was chosen as the blame-shifting cover for the message, to put both proponents and opponents of said message on the false trail, but that's not how they should be read.

The Protocols should be read as the message from those who are absolutelty corrupt with absolute power and want to remain in that power forever, regardless of the mask they wear. And they always wear and drop multiple masks, to render all attempts to identify them futile.

It is their actions that identify their presence and persistence better than any labels, and those actions doubled down since 9/11 and quadrupled since 2020.

Orwell used the term "Big Brother", and that should suffice.