I don't think it's the same.

I like to think of these supremacist/racist conspiracy theories as another form of control: in many cases these people are right to be upset, since they see things in the world that are truly unfair, but their anger gets redirected to bizarre beliefs and racism. So it's a way of controlling and channeling their anger to a place where real change becomes impossible, just anger and venting and weird beliefs in secret Jewish/Muslim/Woke/Illuminati cabals running the world.

Real change is hard, and involves compromise and dealing with people with different ideas and goals. Anger against immigrants, or some ethnic or religious group, is easier.