Makes me sad to see people acting like the simple act of saying "Jews" is offensive. We survived thousands of years of persecution, the fucking holocaust, and you think this is where we draw the line? Come the fuck on lol.
Jew is the correct word to refer to a member of the Jewish faith. I don't think anyone would suggest that it was derogatory unless they themselves were hateful toward Jews. It's kind of like how people who hate Americans use the term "Americans" hatefully.
That is technically true, though the dynamic of pointing at and labelling a minority who have historically been subject to persecution is its own message on top of that. As usual, context is everything, and this meme depends on the reader being aware of the history of Jews being singled out for persecution for its transgressive frisson.