I've been following it. It is a unique case. At first I was reminded of people like Rita Hayworth, who changed their race to get those choice white advantages in employment. Except, then I remembered that those were just pragmatic choices, and that they may well have personally identified as the old race. Rachel seems to think of herself as black.
There's also my personal rule of thumb that if you say something, and people either harm or threaten you for saying it, and you keep saying it, it must be personally important for you, and probably something you genuinely believe. From what I gather Rachel Dolezal has had the slurs and abuse common to many black people, and she sticks with it.
At the same time, she always has that option to stop being black, and that I a big difference. She still has that element of white privilege open to her.