Trace her back to her origins, and she’s literally based on a Danish folktale. I can guarantee you no one in Denmark when the story first was told was thinking of her as black.
But then I think all of those examples were bad and should never have been cast that way. A black Anne Boleyn is exactly as bad a choice as a white Mansa Musa, for example.
What’s known of her ancestry is mostly Macedonia Greek with some Persian and Sogdian Iranian descent. What’s left would probably either have been more of the same or north African, which still isn’t black. Her coinage (which she would have approved her depiction on) and her busts that are considered most likely to be accurate (because they agree with the coinage) depict her as Greek, so she at least primarily thought of herself as a Greek.
A very light skinned black woman is about the darkest she hypothetically might have been based on what we know of her lineage. Something closer to half Greek and half Arab is probably closer.