Traverse, I totally get what you’re saying about how “privilege” doesn’t take certain things into account, but think about this. The privileges that are afforded to straight, white, cis males can be revoked. All of this talk about race and privilege and power, etc. has to be viewed in context. Context always sets the rules of the game. It’s the circumstances. Straight, white, cis males are afforded privileges because they are the majority demographic and this have the power. But if we were to take a straight, white, cis male and drop him into a situation where he is not in the majority, not a member of the existing power structure, where his skin color and features are not regarded favorably, he loses those same privileges that once served as his golden ticket.
So in that sense, privilege is indeed something that can be conferred or withdraw, that can exist or be nonexistent in the proper context. This proves even further that the concepts of power, race, privilege, and handicaps are all social constructs.