Yes, the bad guy in Lion King used the lowly hyenas in a class-warfare scheme.
Another way in which Lion King can be considered conservative is in its circle of life theme, which discusses how everyone and everything has a role to play in the economy. It’s the leader’s job to let it all play out. Very laissez faire. Hayek would’ve approved. Of course, the bad guy screws this all up when he takes over.
Which reminds me of the best line from "A Bug's Life", "It's a bug eat bug world out there, Princess. One of those 'Circle of Life' kind of things."