The reality is much simpler and much worse.
Identity politics is an expression of societal anxiety as the middle class is increasingly suppressed and well-paying jobs disappear in the market due to neoliberal profit ethology reclassifying staff as a liability instead of an asset.
You are a part to be used and replaced as needed to your employer now.
But people are never told that. The media are bought and paid for by the plutocrats they are a part or extension of.
It's in their interest to tell you that you deserve no better than you get. That the employers are bringing manna from heaven, as opposed exploiting your work for profit. That the stock market is a measure of the economy, rather than a betting game for the rich and super rich who try to extract more money from the lower classes.
But the truth is, you don't work for yourself. You work for their bottom line.
You are being robbed for their tenth yacht and they tell you it's the weak, the poor and the old robbing you. While you don't notice you are getting ever weaker, older and poorer working your minimum wage job that replaced a qualified position.