Depends on your definition. For example, attacking specific maginalised individuals could be considered "punching down", but some of the santimonious, patronising, authoritarian bodies that claim to represent them are fully deserving of a good satirical kicking from time to time.
My pet peeve, as a Jewish person, is when organisations claim Jewish jokes "aren't funny", claiming to speak for all Jewish people as though we were some kind of homogenous, Borg-like collective, when I personally often find these jokes hilarious, and don't take any offence whatsoever. Indeed, I think it's healthy to point out cultural absurdities and take ourselves a bit less seriously. That isn't the same as using such humour for nefarious, Nazi-like purposes. There's a common sense difference.