Not at all. In their vision, there would be a new aristocracy created from the SS elite that would rule over other Germans.
The regime promoted the concept of Volksgemeinschaft, a national German ethnic community. The goal was to build a classless society based on racial purity and the perceived need to prepare for warfare, conquest, and a struggle against Marxism.
No difference from Lenin advocating a group of professional revolutionaries who would rule over the masses, in order to implement the “dictatorship of the proletariat.”