In a strange and surreal horror movie sort of way...

Yes in a way I feel the film is kind of a metaphor for World War 2 if you go by the generally-accepted (though factually oversimplified and inaccurate) narrative that the Allies entered the war to save the Jews from the forces of evil, culminating in the creation of a power even more destructive and evil than the Nazis (ie nuclear weapons, which could eradicate all life on the earth).

Molosar could be read as a parallel to the atomic bomb much like the Ark in RAIDER OF THE LOST ARK. He's a terrible and destructive force originally evoked to be used against the forces of darkness. He succeeds and seems to be doing the work of the good at the beginning (saving Alberta Watson, killing Nazis, and bringing youth to Ian McKellen sort of like how the war brought prosperity to the United States). However there is the point where the force gets out of control at some point and starts to become destructive, with it destroying the forces of evil and good alike until nothing is left.