No it doesn't. This argument works only if you assume that "intolerance" is something that can be defined as "anyone against anything I'm doing".
If fascists were able to say "they're being oppressive of my desire to exclude them from our society" then that's not a flaw in the paradox but their reasoning abilities. Any philosophy is irrelevant then.
The argument boils down to "it's impossible to know if the opposing side is truly being intolerant." You say it is impossible. I say it isn't.