No, it doesn't. It simply measures underrepresentation. Variations on those axes aren't assumed away, because while those may explain some or all of the underrepresentation (at least, intermediate mechanisms, if not root causes), they do not negate it's existence.
> Maybe I am cynical, but I think white over-representation has more to do with economic disparity, which results in cultural disparity between rungs of the economic ladder
In terms of race issues, that's exactly the polar opposite of cynicism, and well into pollyannaism.