To your eyes probably not, but to a lot of people around the world it would be. To the Chinese, a character like Mandarin which has its roots in crap like Fu Manchu and others, would be no different for them than say the Thuggee in that second Indiana Jones movie were to Indians and South-East Asian Americans in general.
I think the upcoming Shang-Chi movie by Disney/Marvel where Mandarin is made into a bad guy for him is a good lateral move to salvage the character and mythos.
Mr. "I-just-privatized-world-peace", hell yeah he represents western capitalism. These days specifically, a kind of Silicon Valley capitalism a la Elon Musk and others. Unlike Batman where Bruce Wayne is a civilian identity, Stark as Iron Man is a publicly backed and publicly known superhero sponsored by a corporation. Buying Stark Stock literally goes into the fund to protect the planet from Thanos or whatever.does Tony represent western capitalism?
Tony Stark as a fantasy is the embodiment of capitalism as a force to save the world.
Mandarin as a character has never been presented like Magneto, nor has any villain Iron Man faced. Mandarin has never been humanized to the same extent, never been given the same nobility and stature that Magneto has, never been given the same high feeling, substance, and elegance that Magneto has. There's never been a story in Iron Man where you root for Mandarin over Tony Stark, the way you do root for Magneto over the X-Men or other opponents in some stories, or Doctor Doom over Reed Richards and others. Iron Man's stories are always fairly black-and-white in that Tony's the good guy who fights dudes worse than him. There's never a sense that the enemies pose an alternative or a compelling challenge to him on any level whereas in the case of Magneto and Doom that's been there for a big time and animated their greatest stories....if Mandarin is problematic, shouldn't Magneto also be? he made FOX a lot of money being overtly jewish and a villain.
That's part of the problem with Yellow Peril characters in general, they are always presented as other, evil and foreign who need to be put down.