The answer is no. Nazi gimmicks were common in the years after WW2 as a way to get heat. (BTW, Colonel DeBeers says hi.) As more time passed, the gimmick became less effective at drawing heat. I'd hate to see people today watching DeBeers and early Fritz Von Erich - they'd have a darn fit.
In the 80s, the Iron Sheik, Nikolai, the Koloffs, etc. were still pretty much cartoonish stereotypes. Vince can't (or won't) do anything but foreign heels. Slaughter caught nuclear heat for being an Iraqi turncoat and kayfabe presenting the WWF title to Saddam Hussein. The story behind WM in 91 was (supposed) death/terrorist threats towards the LA Coliseum; in actuality, it was lousy ticket sales that led to the change of venue.
Russians were portrayed more realistically in the NWA. They were villainous, but not cartoonishly so. When Nikita Koloff turned face and joined up with Dusty, the place exploded, and rightly so.