Honestly I'm not a big Lovecraft guy. Like I read synopses of his stories and impressionable nerds being driven mad by wacky weirdo shit seems like extremely my thing, but reading actual stories is like pulling teeth. Maybe he was just that bad of a writer or maybe I don't know English well enough to enjoy his verbose nerdy prose...
I've felt it was the opposite. Learning about the reality of capitalism, particularly while being alienated in the imperial core is pretty analogous to discovering that the world is actually at the whim of a cosmic abomination beyond your comprhension. But i like the idea of identifying with comrade Cthulu way more
"Come on, comrade Cthulhu, fuck up this racist nerd real good!"