Depends on who you’re saying it to.
If you’re saying it to a black person you’re simply antagonizing them based on a historical, and even modern day, reminder of how that word is was meant to insult, degrade, and dehumanize a person of color when spoken by a white person who, in some cases even now, believe they are the superior race.
If you’re saying it to a white person you’re using the word as a means to insult by saying they are a black person, and as a result showing racism for saying through that word that a black person is a lesser being.
Black people mean neither when they say the term to one another.