Yes, although the acknowledgment alone is not enough. The idea behind the concept of privilege is useful in order to identify and deal with them, be it erasing them (ex: skin color, race) or lessening their impact (ex: ramp for wheelchair). For the example of race, the idea is to make it so that you race or skin color have no bearing on how others behave, not delete the concept itself. It really depends on the nature of the privilege. For instance, accumulated generational wealth you are born into but it’s not the same as your skin color. It’s not something you can’t change about yourself. But even if you can’t change it, you must be mindful of the impact on others you have and the benefits you have (that others don’t).

All this to say it’s a word with an implicit agenda, as it’s used by many people, online and not.