No, it's not. Those Hong Kong films were very popular here. It's not racist and colonial to bring them to a class themed on those movies. It's respectful and directly in line with the theme of what those movies did with those themes to bring them to the class. What is disrespectful is an American saying we shouldn't respect the creations as they are by Asian creators and change them for fear that us bringing them accurately here is somehow colonist and racist.
You calling them racist, smacks as at least odd to me. That you, with your Western eye, somehow know better about the value and representation they created than the original creators do. I am struggling to understand your perspective on this topic.
It was not in this case. That's only a valuable view WHEN IT IS TRUE IN THE CONTEXT OF THE DISCUSSION. America didn't bring alcohol to China. China had alcohol around 9000 years ago! Why on earth did you make that argument with this particular topic?
What do you honestly think the remaining creators of the Drunken Master movie would think if they heard there WAS a Drunken Master class in Dungeons and Dragons which was trying to bring their creation to the game, and Americans decided to change it's name to "Warrior of Intoxication" for fear of colonial and racist overtones? I am willing to bet cold hard cash they would think that was insulting and ridiculous.