Correct. I do not think it is being overused when applied to what is happening.
I think those debates about historical fascism are silly. Nothing is ever perfectly alike. The main differentiator these days is the ability to flood the zone like never before. If zone flooding had been possible in the 1930s and 1940s, I imagine there might have been more of it. I mean, they did flood the zone to some degree, but obviously the ability was limited.
If we want to say that Musk and Hitler aren't doing exactly the same thing, well of course. Neither were Stalin and Mao. That Musk and his people use "imperial CEO" instead of "Fuhrer" doesn't really make that much difference.