It’s a materialist approach to deconstruct what it means. It’s always good to seek where information is coming from, who is saying it and why, otherwise it is easy to fall into reactionary behaviour ripe for and often bred from misunderstandings. In this case:

The slogan has historically been contextualized as a reaction to the U.S. government’s policies towards Islamic countries and merely an expression of outrage at those policies, not a wish for literal death for American people themselves.[13] In a speech to university students, Iran’s supreme leader Ali Khamenei interpreted the slogan as “death to the U.S.'s policies, death to arrogance”.[14]

In other words… Before reacting to inflammatory phrases, it’s important to understand their actual meaning, cultural context, and who’s using them and why - things often get misunderstood across language/cultural barriers.