I agree, but that otherness doesn't have to be drawn along the same racial lines that Lovecraft had. I've played and run a lot of Call of Cthulhu games that ran directly counter to Lovecraft's racial thinking. He even had the self-awareness to question that in himself, like how "The Rats in the Walls" made English heritage into horrific monstrosity instead of it coming just from darker races. His horrors were often linked to other races, like the white ape, the Pacific Islanders, and more that he considered other. But he also looked at the dark side of himself and his peers.
That isn't the enlightened self-reflection you're presenting it as. Lovecraft was incredibly xenophobic, probably even more than he was "simply" racist. Lovecraft distrusted all the "other", whatever form they took, and "degenerate" roots and branches of WASP culture were just as alien to Lovecraft as anything else.
He was also an elitist wannabe-academic.
If you pay attention to his stories, the only people that ever really come across as "wholesome" people are academics and a few others that operate in a very similar, narrow band of society. The wealthy are morally degenerate, rural people are inbred and morally degenerate, cities are presented as dark, decaying places full of squalor and degeneracy, and so on.
I mean, just as an example... Lets take one of Lovecraft's more well-known racist descriptions of a black man, in Reanimator:
He was a loathsome, gorilla-like thing, with abnormally long arms which I could not help calling fore legs, and a face that conjured up thoughts of unspeakable Congo secrets and tom-tom poundings under an eerie moon. The body must have looked even worse in life—but the world holds many ugly things.That's... pretty bad. I think we can all agree. But, now lets look at his description of a (white) laborer:
It had been a sturdy and apparently unimaginative youth of wholesome plebeian type—large-framed, grey-eyed, and brown-haired—a sound animal without psychological subtleties, and probably having vital processes of the simplest and healthiest sort.That's better, certainly, no question, but... it's also not great. It comes across as very elitist and almost condescending. The narrator knows literally nothing about this body, except that it belonged to a laborer. From that, he concludes that he was "apparently unimaginative" and lacking "psychological subtleties". Even the descriptive term "plebian", while not precisely derogatory, is not - and was not, even at the time - generally something you called a person in polite conversation. The fact that he prefaces plebian with "wholesome" only turns it from simply possibly elitist to patronizing.
It's not really "counter" to his values to have the horror come from anglo-saxon sources - the aforementioned Rats In the Wall is a great example. It's not Lovecraft being out of character or introspective or something, he just viewed men of the past as alien too.
Your assumption here is that anyone who cares must want Lovecraft forgotten, but that isn't what everyone wants. Someone can want Lovecraft remembered, but remembered for what he was - and when running RPGs, don't run them in a way that maintains his racism.
"Someone" can want that, but not cancel-culture-promoting wokeists.