The current administration is absolutely showing hallmarks of illiberal democracy and autarkic economic policy, but constantly overusing the term "fascist" has and will continue to reduce it's staying power.
If every opponent is called a fascist, you'll grow numb to actual fascists or extremist organizations exploiting low information voters.
The same holds if you call every Democrat a "Marxist" or "Socialist".
This mudslinging will only accelerate illiberal democracy and when a real monster joins a poltical platform, much of the base is immune or indifferent.
Look at how decimated the opposition in Turkiye and Hungary became due to this kind of oratory flourish.
End of the day, we live in a political world where Citizens United is the law. If we lump actual donors who formerly leaned D barely a decade ago with bad actors, there's no reason for them to support us.