It wouldn't be much of a dogwhistle if it was not a valid and acceptable argument at other times; the whole point is to neutralize a socially unacceptable topic by framing it with an acceptable problem. People out of the loop hear the socially acceptable argument, people who are in the loop put together the combination of rhetoric as it echoes back to the conversations they have amongst themselves. It takes a while for people who are not in tune with the whole Jewish thing to realize that 'NY elites', "Globalists', anything Soros etc. is basically laundered anti-Semitism, or that 'urban thug', 'protestors', 'ungrateful lazy poor ppl' is racial, precisely because there is another socially acceptable way to use those words.