In Canada there is a monument to a Nazi SS division [1], because it was made up of Ukrainian volunteers fighting the Soviets, post-Holodomor that was seen as the lesser of two evils.
So with that small bit of trivia in mind, your explanation really does make sense and I'm surprised I haven't seen it put or thought of it that way. I reckon that context is probably also relevant to the "nazi-ism" of Ukrainian paramilitary (and now formal military) units like Azov Brigade? (although being close to totally ignorant on the subject, for all I know said groups are equally antisemitic).
[1] https://en.m.wikipedia.org/wiki/Memorials_in_Canada_to_Nazis...