On the other hand, a president who natively speaks Russian himself who respected the ceasefire with the Russian-administered "independent" republics and took a more dovish stance than his predecessor doesn't seem like someone who is obviously on the cusp of exterminating Russians. Putin's armies killed far more Russian-Ukranians than even the worst Ukrainian racists could have managed.

There is a grain of truth in your statement though: Russian narrative does define Nazis differently from the rest of the world (and indeed, from Hitler). It defines everyone that doesn't wish to be subjugated by Russia as Nazis.