No, I think I am interpreting the wording entirely correctly and that the 'odd wording' is odd because you can only achieve the obvious meaning (a dehumanisation of white people) that they are trying to arrive at by modifying the phrase 'White Lives Matter Too'.
The idea that white lives matter too much, as opposed to black lives not mattering enough, is something that is increasingly common in progressive neoliberal discourse in the US. There is a real idea that a lot of people have that white people should face the same sort of repression and violence as black people, and that is the priority as opposed to the idea that black people should be treated decently. You can see that for example in some of the attitudes towards NSA surveillance from US neoliberals who defended mass surveillance on the basis that black activists faced surveillance from COINTELPRO in the past, so now it is entirely fair and just that everyone faces surveillance and arguing otherwise is racist. The demand isn't to end the dehumanisation of black people, it's to dehumanise all of us.
It is an incredible thing to put on a sign and then wave around in a country in which the life expectancy of poor whites has actually gone into reverse, this is especially so in many areas which voted for Trump. The person in the video waving it is white, what they are doing is the opposite of building solidarity or anything that wouldn't repulse ordinary people regardless of race. They are doing
self-flagellating politics of self expression.
