It is 1000% both.
The Anti-Life Equation is at its essence Super-Fascism, where the will of one man is literally imposed on all of creation. Scott Free and Orion are symbolic of ideas completely antithetical to Nazi dogma: they prove that neither nature NOR nurture can make someone evil when their will is strong and their motivations pure. The Forever People represent the boundless optimism of youth culture and the promise of a better world that comes with a new generation. The Fourth World is basically one big boot up Hitler’s asshole.
Kirby never in his life wrote a small idea, and for him, a world-spanning, century-defining war was a small idea. His metaphorical Hitlers and Freedom Fighters were still just representative of much more abstract ideas of Free Will versus Outside Control. One is Life, and one is Anti-Life.
If we must die! Let New Genesis live!!
Reblogging this again because Benito nails it.