Yes, Davem, and this is exactly what Tolkien meant when he said "That there is no allegory does not, of course, say there is no applicability. There always is."
But, also note that Tolkien says
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There is no 'symbolism' or conscious allegory in my story.
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I think what he's saying here is that no matter how hard you try to write a story, especially fantasy, events in your world will always have an affect on what you write, even if you try not to the let them affect you. Just imagine if Tolkien had not been in the War and had not seen the death of many of his friends. Do you think we would have had the same Lord of the Rings, or even have the story at all?
So in this way, we might have some 'unconcious' allegory to events unfolding in the World at this time.