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‘Black’ is only a racial epithet in certain contexts. In others it is purely descriptive.
In this instance, was Corbyn using ‘Zionist’ as a descriptor or as an epithet signifying an alien and not necessarily welcome ‘other’? The latter would arguably be racism. You may feel his usage was in the former spirit. The problem is that to people who are sensitive to its use as an epithet, it sounds distinctly like the latter.
https://www.newstatesman.com/politics/uk/2018/08/context-jeremy-corbyn-anti-semitism-john-mcdonnell-today-show-labour