That's quite a stretch, even though it has historic tie points.
Right now on the right, it's used to refer to behavior and culture that is really abhorrent. That's at least my take on it, and how I use the term personally. 99% of the time the usage of the term is definitely not about race and eugenics which is what you're implying with the Nazi reference. I leave 1% because I don't preclude possibility of the rare existence of real race-supremacists in the world.
E.g. Misogynistic & violence-promoting "gangster rap" music, tik-tok trends that sexualize minors, and a bunch of other related things. These are things that if we take a step back and think about it, we realize that they're actually move society backward instead of forward. And we're all collectively jumping through mental hoops to claim otherwise because it's uncomfortable, unpalatable and scary to call out such bad behavior in a public forum.
You and the GP commenter are both simultaneously correct.
However, I think your estimate of 1% is far too low. Hang around in seedy Discord chats, IRC channels, or Facebook groups (or on second though maybe don't... it's an interesting but inadvisable hobby.), and you'll see "degenerate" thrown around as a synonym for "Jew", "Muslim", "homosexual", "transexual" constantly. These usages are fully normalized, even among those who aren't professed neo-nazis but just identify as alt-right and trade in crusader and viking memes and spam "DEUS VULT" in chat.
The adoption of the traits of the crypto- prefix (you can infer what the suffix that usually goes with is...) are a defining characteristic of the modern internet right. They are very savvy to what they can or cannot say in "polite company" or in public, and will deliberately muddy words with multiple connotations (because the in-group can distinguish which is being connoted by context, even if you can't).
In a high visibility context you'll get "it was just a joke bro" or "I just meant like gangster rap and sexualizing minors, do you have a problem with that?". But as soon as they return to more insular spaces, "degenerate" is common currency for referring to races, religions, and sexualities seemed inferior.
Right now on the right, it's used to refer to behavior and culture that is really abhorrent. That's at least my take on it, and how I use the term personally. 99% of the time the usage of the term is definitely not about race and eugenics which is what you're implying with the Nazi reference. I leave 1% because I don't preclude possibility of the rare existence of real race-supremacists in the world.
E.g. Misogynistic & violence-promoting "gangster rap" music, tik-tok trends that sexualize minors, and a bunch of other related things. These are things that if we take a step back and think about it, we realize that they're actually move society backward instead of forward. And we're all collectively jumping through mental hoops to claim otherwise because it's uncomfortable, unpalatable and scary to call out such bad behavior in a public forum.