Completely different.
Ivan Koloff, Nikita Koloff, etc. were white. There was never any discussion of religion or race. It was simply a matter of nationalism and/or jingoism, whatever you may think it is. This had racial overtones, religious overtones, and was also bad television.
I equate the Russian angle to something like the Un-American angle or the Hart Foundation angle of 1997. Pitting countries against each other and exploiting world issues that had negative consequences (and esp. allowing it to run AFTER they knew the bombings had taken place! ) are two completely different things. I am really shocked that you, of all people, did not pick up on the difference.