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For instance, Trump's plan for the feds to buy TikTok
Hell no.
The premise of M-L types who wanted the state to control production for the workers is that the government was the workers, aka the dictatorship of the proletariat. In doing so excess production would be traded within the system to provide things like healthcare and housing.
In theory.
That obviously didn't work out too hot, but even that is different in theory from a fascist or otherwise oligarchal state controlling production for the benefit of the owner class with absolutely no pretentions of providing social services with the profits. They are proudly ripping up any social safety net they find as a matter of ideology.
Tl;Dr it's quite literally the opposite of socialism when kings or oligarchs control and profit from the state owned enterprise. That is just the eponymous late stage capitalism, or neofeudalism/technocracy depending on the angle you want.