"Has feminism lost it's identity to the political correctness movement?"
You mean has Feminism been absorbed into the cultural M@rxist agenda? Yes. After all, "political correctness" is an invention of cultural M@rxism.
If we view feminism as a separate entity that is about the -advocacy of women's Rights- such as the Women's Rights Activists were about at the turn of the last century, then that would make sense .... as First Wave Feminism alone, does make sense.
But pretty much everything after that is hijacked feminism and blended into the cultural M@rxist agenda. This makes sense too when one looks around a little critically at what passes for feminism today, and realizes that it has nothing to do with Rights, nothing to do with any dictionary definition of "equality", and very little if anything to do with actual women's issues.
It is all social engineering stuff that is working towards a SOCIAL CHANGE agenda. Women's advocacy is the excuse to pit women against their own men in an attempt to force the whole society to accept this new socialization, or at least keep them divided until that happens. This is why the littlest available woman's problems are blown right out of proportion to its reality in the name of feminism. It's the attempt to be seen as still being relevant to women.
Meanwhile, what's really going on is the continuous social engineering and the social change stuff. The "patriarchy theory", the -gender as a social construct- assertion while deferring authority on gender issues to the gay & lgbt agenda. The "white privilege" racial division nonsense and forced acceptance of "diversity" and multiculturalism and all kinds of things that have nothing to do with "women's advocacy" at all. This is feminism?
Remember too, that cultural M@rxists are imposing this change. There is no discussion. And feminists follow that rule to the tee. This is why whenever anyone indicates that they are unwilling to go along with any part of their feminist social change agenda, they become belligerent and begin screaming "sexist" and "misogynist".