I agree with this to some extent: but clearly European countries reacted in widely varying ways to emancipation. If emancipation produces a huge upsurge in anti Semitism, why do we see such varying responses across Europe : Denmark, Italy, France, Britain as you noted, Netherlands etc?
Re the Arab world, this is complex :'Antisemitism becomes widespread and open at about the same time as Jews begin to demand and receive treatment equal to the societal majority, or, even worse, form their own ruling class.'
In the Arab world as a whole, Jews definitely did have subservient status in that they were dhimmis (as were Christians). But historically, their situation was more complex than being 'poor' people who didn't 'own or manage anything' or form any 'ruling class'. Yes, they were minorities so intrinsically restricted by that. But within that, for centuries they did wield real power.
In Baghdad, Jews propsered in banking, long-distance trade & customs administration. Prominent Jewish families like the Sassoons were wealthy and politically connected. In Egypt, Jews well-represented in commerce, finance, foreign trade etc
Even in Germany, Jews within & without the country saw it as philo-Semitic, at least among elites, for a long time post-Emancipation in 1879. This wasn't incorrect...
I think the terrible violence of both Germany & the Arab nations should not be seen as a universally inevitable outcome of emancipation exposing latent anti Semitism. There are particular reasons why those countries descended into such an abyss of anti Semitism.
Other examples are several South American countries, which have historically had low anti Semitism often, and China & India. China's Kaifeng Jews and India's Cochin/Paradesi/Bene Israel Jews seem to have faced virtually no anti Semitism. They were tiny minorities in huge countries, and successful without being in the middleman minority position. However, I think it's also significant that they weren't majority Christian or Muslim countries, so historical slanders like blood libel accusations, deicide etc were not present. It's arguably these that gave anti Semitism extra power for a long time, taking it to conspiracy theory labels beyond middleman minority resentment.