This crap has been going round and round for so long now. My view has generally been that unless a characters race is completely tied to their identity (Luke Cage, Kamala Khan), then it doesnt really matter if you change it.
With Magneto, that story has been covered over what, nine films now in recent memory? Is there any value in doing it again with the exact same beats? You could just not use him, sure, or you could take the interesting aspects of his character, oppression of a group of people, revenge, the questionable methods, the paranoia that it will happen again etc, and tell a new story with it in a more modern setting. I'd be fine with it, sounds interesting. You could make a new character with a new name, but isnt that kind of what you'd be doing anyway? All they would be borrowing is the mutant moniker Magneto, and the powers. Same as they do with MJ in the Spider-Man films, shes completely different to comic MJ in personality, looks, background, her initials are just "MJ". Also she rules, as does Marissa Tomei as Aunt May, so I'm completely on board for this kinda thing.
Having to do everything the same as the comic is boring, its OK to shake things up when a character and story was first conceived decades ago in a completely different cultural environment.