Do you think this is valid for todays HOAs in general?
Seems like a weird point to make today. I doubt the main purpose of a Home Owners Association today is keep out unwanted ethnicities.
Failing to adhere to HOA rules (which may not be readily apparent) results in fines and conflict with a group that's empowered to make decisions about your property. When homeowners have these decisions taken away and are forced to shell out, it becomes a financial and psychological strain that prompts people who would otherwise be enjoying the property to leave (or to not purchase it in the first place).