I doubt it, because, like last year’s winner (and fellow member of the 3 Amigo trio of Mexican directors), Iñárritu’s film is not about race or ethnicity. Like Alfonso Cuaron’s GRAVITY, its storytelling interests lie elsewhere. Which is great. But that also means voting for him makes less of a statement about the industry and the movies it produces and more about how he’s integrated himself into the Hollywood indie establishment.
The truth is, a vote for SELMA is also a vote for encouraging more movies like SELMA to be made. There is usually symbolism in every win, though it’s obviously open to interpretation and competing with a lot of other variables. 25 years ago, DRIVING MISS DAISY won 4 Oscars including Best Picture and DO THE RIGHT THING (like SELMA) received only 2 nods (and not even Picture). This year, the Best Picture field includes historical accounts of Alan Turing, Stephen Hawking, and Chris Kyle (19 nods between them), while only two for a film whose reviews were at least as good about an American leader more famous than any of them.
In short, AMPAS usually embraces stories which make them feel more comfortable, and to which they can more closely relate. Competing against 7 other films, I doubt that SELMA can gather enough votes (whether they be overtly admiring or intentionally political) to pull out a win. Last year was the first time a film directed by a person of color won Best Picture (Cuaron and Ang Lee might’ve won Best Director, but their films didn’t), and given the generally lily white complexion of this year’s nominees, it still remains to be seen if that was just a fluke or outlier. But SELMA’s poor showing (as well as the complete absence of films like GET ON UP, BELLE, TOP FIVE or DEAR WHITE PEOPLE) isn’t encouraging.