It is acceptable in society to make fun of white people, but not of other races.
Jokes about white people are basically harmless, whereas jokes about people of color are backed by systems of oppression that actually put them in danger/have various harmful effects.
If we argue for equality, then that means equality in everything. There can never truly be equality if we don't treat others equally. And while equity exists to help bring those who are disadvantaged to the same status and level of those who were born with certain inherent advantages, this is not an example of equity. Equity is to lift people up to the same level, not to tear down those with more privelege.