Shaykh Bin Baz rahimahullah and others state that it is a day of Eid for the pilgrims. [Reference]
However, Shaykh Yahya al-Hajooree mentioned it also includes those outside pilgrimage. The fact we fast on that day doesn’t negate it is a day of Eid since we could fast on Fridays at times yet it is a day of Eid.
What supports it in general is the context of the following narration:
عَنْ عَمَّارِ بْنِ أَبِي عَمَّارٍ، قَالَ قَرَأَ ابْنُ عَبَّاسٍ : ( الْيَوْمَ أَكْمَلْتُ لَكُمْ دِينَكُمْ وَأَتْمَمْتُ عَلَيْكُمْ نِعْمَتِي وَرَضِيتُ لَكُمُ الإِسْلاَمَ دِينًا ) وَعِنْدَهُ يَهُودِيٌّ فَقَالَ لَوْ أُنْزِلَتْ هَذِهِ عَلَيْنَا لاَتَّخَذْنَا يَوْمَهَا عِيدًا . قَالَ ابْنُ عَبَّاسٍ فَإِنَّهَا نَزَلَتْ فِي يَوْمِ عِيدٍ فِي يَوْمِ جُمُعَةٍ وَيَوْمِ عَرَفَةَ
Narrated ‘Ammar bin Abi ‘Ammar:
“Ibn Abbas recited: This day, I have perfected your religion for you, completed My favor upon you, and have chosen for you Islam as your religion (5:3). And a Jew was with him who said: ‘If this Ayah was revealed to us then we would have taken that day as a day of celebration.’ So Ibn ‘Abbas said: ‘Indeed it was revealed on two ‘Eids: On Friday, and on the Day of ‘Arafah.'”
Reported by at-Tirimidhi and others.
And Allah knows best.
AbdulFattaah Bin Uthman