That's not an explanation, that's an elaboration. Spencer and his ilk are no more afraid of "cultural appropriation" than I'm afraid of the New England Patriots.
Spencer, Gorka and the other navel-staring Nazi intellectuals may be the public face of the alt-right, but the guys coming out with torches aren't Ivy League. They are afraid. They are acting under threat. Conflate the two at your peril.