This is a distinction without a difference. We can conceptualize ourselves as fully deterministic individuals, or transcendentally connected nodes in a greater consciousness, or innumerable interpretations in-between. It's completely possible to be a deterministic materialist without being a nihilist.

In fact, I'd argue it's inevitable. A deterministic metaphysic dictates that you must come to the conclusion that it simply doesn't matter how you interpret things, and therefore you will eventually, accidentally, trivially choose to interpret yourself in a non-nihilistic way, thus breaking the trap and allowing yourself a compatible sense of self-determination, despite being capable of understanding the untruth of it.