Was this movie foreshadowing Nazism ??

It's very likely. Although the color of the "M" is red which could be associated with communism, something Nazis really hated, blaming the Bolshevism on the Jews (German Jew Karl Marx), it could also represent the field of red emblazoned on the banners the Nazis would carry in their grandiose displays to spread their propaganda, lies, and mass indoctrination.

For the Nazis, red meant the blood shed and sacrificed in the name of the "master race." The Nazis copied heavily from the Soviet playbook, especially the mob justice and mock trials, in the diplomatic overtures between the two similar powers where the Nazis had taken notes..

The key difference between the two:
The Soviets let one join them or die. The Nazis, even less so. Also, with a racial twist thrown in for bad measure.

~~/o/