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Yeah, I think that conspiracy theories have a twofold function in this situation. Firstly they act like an idiot filter, quickly getting rid of people too likely to ask awkward questions or decide/realise that the far right is full of shit before you've wasted tons of time and resources on converting them. Secondly, it provides a false explicatory framework that allows you to appeal to people's sense of aggrievement about real problems that they actually experience, but redirect it against false causes, to both achieve the far right's aims of creating and oppressing outgroups, and simultaneously protect the elements of the status quo that they wish to defend and retain.
It's not exactly new. Fascism in general and nazism in particular have had an association with batshit conspiracy theories since before they were fully-formed. Not only the obvious one, but all sorts of disturbing bollocks.
https://www.brutenorse.com/blog/2022/7/5/ep-35-apeling-panspermia-or-the-vlkisch-saga-of-the-lemurian-ape-craze-