It is a real word, but contains the same propaganda value as “Imperialism”, and “Capitalism”, which are similar favorites of Marxist polemic.
I have posted the same feelings re the use of Hegemony the past two decades. Often it is an overused word when a freeper posts an article from any communist, socialist or jihadist controlled country.
Certain words have been hijacked by the left, and will probably never have their original meanings ever again.
The most notable example of this is the simple 3-letter word that USED to mean “happy and carefree”.