Yeah I mean you can personally not view it as such, that is of course fine, because we do all interpret things differently. I think most people chanting it don't know what it really means (or could mean) although some certainly do. I don't think we can be naive to some of the very ugly sides that are capable of exploiting what is a very legitimate protests that fundamentally call for peace.
But in a context of rising tensions it is the opinions of British Jews that I think count in relation to this song and many seem concerned by it. Here's a BBC article from today that cites it specifically.
https://www.bbc.co.uk/news/uk-67266475
In Paris we are seeing graffiti reminiscent of the 1930s accompanied by a similar message.
So on balance I just think its a very very dubious message that if nothing else is entirely unhelpful to the cause and I really hope we don't hear it again.
And before anyone pipes up saying that worse things happen..that's true, but we do live in Britain and seeing tensions inflamed more in here is not in our interest, any communities interest, nor the interests of people in Gaza.