As a one-off image, it doesn't really matter. There just isn't enough information there to say what it means. Maybe it's an expose of contemporary American neo-Nazis, or maybe it's a form of Nazi propaganda, or maybe it's a dramatization of something in the photographer's mind.

If this is part of a larger documentary essay, then the question is whether the essay as a whole is honest. Is it a fair study of neo-Nazis, or is it an exaggeration or manipulation?

Recently I saw a photograph of someone's hand with parallel lacerations through the fingers--a disturbing image. The caption described it as punishment in an Islamic country for reading the Bible. The photo has also circulated for years with a caption describing it as an accident involving a paper shredder.

Documentary photos are not "art for art's sake." Their meaning depends on some context and explanation, whether in the form of text or a body of images or implied context. That's part of the art and craft of documentary.