Upvote:4
As Wikipedia says, the idea was popular in the first half of the twentieth century, but is no longer supported by mainstream Egyptologists. The changes that led to the First Dynasty seem to have occurred gradually, over a considerable period of time.
While some people have been trying to revive the idea, one of them is David Rohl, who has a rather different model of Egyptian chronology to mainstream scholarship. He's not a crank on the Fomenko level, but his keenness on biblical correlations does not help his case.
As far as current scholarship can tell, the Dynastic Race Theory isn't true.