It was a little too heavy for me as a kid, but I haven't seen it in a long time, so I can't speak intelligently about it.
From the description, it sounds promising:
The film is an allegorical comment on the moral neutrality of technology and the potentially destructive powers of propaganda. Blackwolf's secret weapon is propaganda, used to incite and motivate his legions and terrorize the good fairy folk of Montagar; Blackwolf also utilizes technology for evil ends. However, in the end, it is Avatar's willingness to use a technological tool (a handgun pulled from "up his sleeve") which saves them all. Bakshi also states that Wizards "was about the creation of the state of Israel and the Holocaust, about the Jews looking for a homeland, and about the fact that fascism was on the rise again."
I tend to avoid anything that shows the Nazis in a positive light, especially from the Japanese.