That can only be answered by the person displaying it. I am a Southerner, and had two great-grandfathers who fought under that flag, so for me it is heritage.
btw I stood up for racial equality during the '60s, when all that"stuff" was going on. It contributed to a major rift between me and my dad, but I'm still proud of what I did. I remember the segregated South, and it just wasn't right, and had to be changed.
Be aware that what most people call a "Confederate" flag actually wasn't ever a flag of the Confederacy. Technically, it is a Confederate "battle jack," initially flown by our naval vessels and later flown during land battles.