Yes, there is a considerable amount of racism here, though the stereotypes are typical for the time period. What I found even more interesting is the level of violence in the cartoon, and how standards have changed as to the use of cartoons for blatant government propaganda.
This is not to say, of course, that our government no longer engages in propaganda, but just that it takes less obvious forms. No Bill O'Reilly or Lou Dobbs jokes, please.