It should mean, if you are going to talk about the etymology of the word. But that is not what it means in reality.
Yes but Jack's options did not cover that condition where the user of the word will use the etymobob maliciously, by applying it to the wrong people.
As for etymology:
When I hear the word homophobe, i assume someone who has an
unfounded fear of homosexuality.
when I hear the word arachnophobe, I assume the
irrationality of someone who can not tolerate spiders.
when I hear xenophobe, I assume one who hates outsiders
without a clear explanation (he is taking our job..) when the outsider is actually creating jobs.
When I hear islamophobe, somehow it is usually applied to a person with valid criticism against either islam or muslims.