V2 is an euro-centric game. I wouldn't call it racist, that must be on your bill.
There's a big difference between Euro-centric and racist.
Euro-centric: More options are available to European powers
Racist: White people automagically always fight better than brown ones.
If you check Mexican history, you'll find a mixed record of successes and failures in battle against a number of colonial powers. The United States, although it was on several occasions victorious against Mexico, is itself possessed of a similarly mixed record in fighting against European powers -- unless you happen to think that the War of 1812 was an unmitigated success!
It is far more sensible to explain the Mexican defeat in the 1830s as the result of the chronic coups, corruption and general instability that had brought Santa Anna, himself no mean leader, to the fore. All of which can and is modeled without hardcoding in a 'brown people fight worse' modifier.