I'd hesitate about using that definition. It's basically a definition of 'institutional racism' created as part of a political campaign in order to further a certain cause and although the explanation does cite some examples of current racism, it also seems to encapsulate a lot of things that would until 6 months ago have been perfectly correctly described as 'inequality'.
The very first statement specifies "
to the benefit of people who are white and the exclusion of people of color." - in other words, it's specifically refusing to acknowledge the possibility of racism other than racism by white people. That's simply not credible: There are numerous examples around the World of racism by non-whites (think for example of the racism by China against the Uighurs or historic racial tensions between ethnic Chinese and Malayans in Malaysia).
More generally, the term 'racism' has always implied specific prejudice or intentional discrimination against a particular person or group because of that person's ethnic (or in some cases, national/religious) identity. The mere fact that someone happens to be poor/badly educated/in poor health/etc. does not by itself provide proof that racism has occurred. Of course it
might be the result of racism, but unless you know more details, it might equally be that the person is badly educated because they chose not to take advantage of the education available, or they are in bad health because they chose to smoke, etc. Unfortunately, that definition of institutional racism quoted cites lots of examples this kind of disadvantage/inequality disproportionately affecting minority groups without providing evidence that the cause is current racism.
To my mind, using the term 'racism' to describe what is actually inequality that exists without there being any present-day racist intent not only devalues the term 'racism' but it amounts to a rather misleading use of language. I don't doubt that
some racism exists, or that it exists to a greater extent in the US than in the UK (a lot of the stuff that Trump himself has done and said amply demonstrates that!) But this definition exactly illustrates the problem on the other side - of trying to ascribe just about
everything that impacts minorities to racism.