A Boring Dystopia

Historically speaking, basically, yes, the capitalist class essentially always sides with a nascent fascist movement as it is opposed to making any truly meaningful concessions to workers.

But it is important to note that fascism is, or arises from... an ostensible capitalist democracy ... in decay.

It arises as a reaction to the over exploitation of the capitalists.

The fascists are always incompetent idiots at actually running anything, actual policy... beyond being brutally indimidating and violent bullies.

But! They promise growth and stability.

Morons believe them. Many of these morons... are the capitalists.

This works well for a while, but eventually, fascist mismanagement leads to the capitalists actually having a whole bunch of their businesses collapse, as the economy broadly suffers, or maybe its war time babyyyy and oh well turns out that its also bad to fund endless foreign invasions and/or be invaded yourself.

But, by then, its too late.

The capitalists sided with the fascists initially, to avoid structural concessions to workers... but now that everything is fucked, and/or dear leader / the party has some incomprehensible zany nonsense plan... well now the capitalists mostly get either outright or functionally nationalized, and lose even more than if they had just gone with the comparatively more minor concessions to workers.

Poison chalice.

Prisoner's Dilemma, game theoretic suboptimal outcome, that humanity just keeps replicating with minor variations and new flavors.

... Same as it ever was. Same as it ever was...