Charlie Hebdo just released a new edition of its weekly publication -- and it features a crudely drawn cartoon version of QE2 pressing down on the Duchess of Sussex's neck ... who's laid down on the ground and struggling for air -- much like George Floyd last year.

The caption reads ... "POURQUOI MEGHAN A QUITTE BUCKINGHAM," which translates to "Why Meghan left Buckingham." There's a quote bubble coming from Meghan as well in the drawing, which roughly comes out to, "because I couldn't breathe anymore."

The message they're trying to communicate -- or so it seems -- is that Meghan felt smothered by Royal racism (headed up by the Queen). It turns out to be a swing and a miss -- 'cause folks aren't entertained.

Many are calling the magazine racist ... demanding they pull the new issue. While Charlie Hebdo pegs itself as a satire, a lot of people say this goes way too far -- mocking Floyd's death for cheap thrills. Not only that, but it's inaccurate ... according to Harry and Meghan.

Remember, Harry explicitly ruled out his grandmother and grandfather as the party who allegedly brought up skin color concerns as it pertained to Archie. There's a lot of speculation it was either Prince Charles or Prince William -- but the latter denied as much.