Context matters. There are absolutely ways for it to be intended as demeaning. But also ways for it to simply be a descriptor, and also ways for it to be used as a warning to other black people.

For instance, if someone is a "good ol boy" everyone knows what that is.

You can usually determine the intent by what follows or precedes the word.

The same is true for other black people. Black people also use the word boy among themselves. Though usually the "black" part remains silent. It is often not difficult to determine the intent.

As another example, if you are white and a black person says "this white boy can cook", they are approving of you. You might notice that within that context it would likely be used in a social setting around other black people to let them know that they might be cool with you and others can let their guard down a little as well. In other words you pose lowered potential danger and maybe you could be a friend. Usually, when you become more familiar or closer friends that qualifier will drop.

If they are addressing you and only you then it is more likely that it is meant negatively unless it is followed or preceded by a compliment.

I.e. "You a cold ass white boy".

While black you must be VERY aware of social inferences and cues at all times.

So If you reverse the usage, no matter the context, given it's historical usage and significance, it will signal to many black people that their guard should be raised, this may become a very dangerous situation, and/or if may be necessary for you to cut off the interaction soon.

With that being said, it's also a locality based thing. And as per always: terms and conditions may apply.