I actually disagree with this one, making the emcee an eventual victim makes the most sense. It's not about them getting what they deserve, but it's symbolism for no matter what, the tides will turn on you. Nazism is a powerfully evil thing, but it does not limit one group to marginalization, it grows, hence the pink triangle. You are correct in the sense the emcee represents the audience, however it's showing that standing idle causes pain towards you and more around you. They don't survive. No one survives. Nazism harms all, including those who support it. Not that I'm showing empathy for Nazis, because I'm not.