YES
They would have burned me as a heretic in the middle ages.
- Carl Jung
Just like calling someone a "witch" or heretic in the middle ages, a "barbarian", or "savage", or "commie" or "pinko" in the 20th century, these terms are less about the actual meaning, and more about a demonization, scapegoating, or a power relation between the dominant class, and a group they seek to malign and rally their people around.
Creating a useful enemy promotes group bonding, unity, a sense of strengthened identity, and self worth.
"Tankie" had a meaning that generally referred to non-pacifist leftists (or those that agreed with using violence to defend socialist projects), but now it just means, "any leftist I don't like".
It functions in the exact same way that "commie" did in the the McCarthy era, as a xenophobic and western-supremacist scapegoating of socialist countries, and an internal purging of the working-class communist movement.
It's additionally useful because it deters people from reading or engaging with the worldwide communist / socialist movement.
If someone uses this term, this is what they're doing without realizing it: