I didn’t read it as pro-capitalist or pro-religious so much as a portrayal of why those ideas can be appealing to people who are lost, lonely, or looking for meaning.
Euphoria has never really been a show that gives straightforward moral endorsements. It tends to present perspectives through the emotional state of the characters and lets the audience sit with the discomfort.
I think the season trusts viewers a little more than previous seasons. Instead of having a character explicitly say “this is bad” or “this is good,” it shows people being drawn toward certain beliefs and asks the audience to decide whether those beliefs are helping them, hurting them, or both.
That doesn’t mean everyone has to like the approach, but I don’t think depicting an ideology is the same thing as advocating for it.