I don't believe race exists.no.
but the arab race did exist, but not anymore, it's origin is the arabia, but now and even for the last centuries we are mixed of all races, also, we still have some of the arab genes, you can compare between an arab from an arab country and compare him with someone from another race, you know the difference, i mean, you can make the differences(most times)
I don't think Islam has an enlightening affect on people's attitudes regarding race. It seems, if anything, Arab Jews, Arab Muslims and Persians in particular are racist. Each thinking they are a different "race" when in actuality they are different cultures.
It seems Islam is no more or no less different than the other religions in this regards. So yes. It is a misconception to pin the race label on Islam in particular.