You're forgetting who the audience is. The audience is Harvard admissions staff. That changes the nature of the joke quite a bit in my opinion. Since it is an inside joke for only Harvard's people and their ideologically-aligned "regulators," it reads to me as more of an acknowledgement and acceptance of the practice of anit-asian discrimination, and at most a suggestion that they tone it down a bit.

If this were a parody written for the daily show (for example) or something else intended for a wide audience, it would absolutely have been criticism of Harvard, but the audience really does change the joke.

Personally, I think this is one of the more racist things that I have seen recently, and large swathes of both Harvard's admissions staff and the folks "investigating" them need to resign.