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It's the Imperium of MAN not the Imperium of THEY.
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There's not a ton of modern day allegory in WH:F. 40k obviously is dripping in it, but Fantasy is mostly just "we stole Tolkien's shit and then combined it with a heavy metal poster and tossed in the HRE for good measure. Now watch this dwarf break a Daemon Prince's kneecaps with his bitchin' warhammer."
It's army to army, for sure. Tomb Kings are ripped straight from Egyptian history, including the horsemen being a mercenary company, Skaven are just nazis, Bretonnians are a bunch of knights and peasants, etc..
I would say you could point to it being more like a portrayal of the HRE.
Colonialism isn't really a big part of the The Empire, that's more of a Ulthuan/High Elves (stand-in for the British Empire) thing, and The Empire is portrayed as a feudal/pre-capitalist mercantile economy. The proto-capitalists I would say are located in the city-state of Marienburg, which is a sort of stand-in for somewhere like 15th-16th century Lübeck.
Marienburg has more dutch influence, most of the local languages is like fantasy dutch instead of fantasy german of the empire.
That's a good catch, and you're absolutely right.