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Exactly. He wants 19th century (at minimum) LGBTQ+ rights, women rights, religious freedom, race relations and, last but not least, worker rights. HP0 is, among other things, radical capitalism uber alles libertarian (except with no liberty except liberty for capitalist bosses).
As OP pointed, no one wants such society, least of all actual capitalists (who are safer and more prosperous than ever before and feel no need to downgrade modern rainbow capitalism to earlier model).
Nevertheless, HP0 feels about it strongly and when you remind him of actual Lovecraft's economic and social positions, when you remind him that Lovecraft was, by his standards, communist, he will instantly block you while shrieking in rage.
Yes, Lovecraft's main political interest was to preserve and continue to build on the Anglo cultural tradition that he loved and was obsessed with. He wanted a technocratic government that would manage the economy and run massive economic interventions as necessary to guarantee a minimum standard of living. In his social/economic views, he was much more of a fascist than a right-libertarian. He had a distaste for the businessman/entrepreneur mentality and thought that society should guarantee a place for at least some intellectual/artistic/cultural creators even if their work was not economically profitable. He wanted to protect what he viewed as Anglo civilization's high cultural achievements, its elite artistic and intellectual culture, against both the threat posed by business-minded mentality and the threat posed by the possibility of a communist revolution that would destroy that culture and replace it with mass culture. He supported FDR because he saw FDR as someone who would reform the system by making it less brutal, and in such a way as would protect it from being overthrown by communist revolution.
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