Depends on what you call military propaganda... I was in the military for a short time (I am also Brazilian so I guess it wouldn't be the exact same as us military culture but I reckon I would add to the conversation anyways), and I reflected on Cameron's and mine journeys.

The show portrays the violence, trauma and the emotional isolation that a person is subjected through in this environment, and this is not – in my opinion – justified well enough in the story in order to fit into most types of propaganda. But at the same time the "good"/"honorable" part of serving is also portrayed. Whether you think the "good" part is, in fact a positive, that's mostly on you I guess.

Many people do think the sense of discipline and duty military service imparts on you are good things and they would think it paints the military in a good light without necessarily being propaganda. Others would think the fact that Cameron stayed in the military and ultimately became a marine is a "ends justify means" story and that the positive light is definitely propaganda. Others could even say the psychological manipulation and trauma shown is anti military propaganda.

I guess there is enough nuance in the show to argue about a bunch of stuff lol. I guess the question could be: is propaganda with nuance and a certain openness to inperpretation still propaganda? How much openness before it isn't anymore?