I don't get Stormfront. Her origin story makes sense: Nazis experiment on a Jewish woman,* give her superpowers, some kind of Paperclip thing happens to rehabilitate Vought and she takes on a new identity. There's a lot of ways you could go with that, and ultra-paranoid supe-supremacist is one of them.
But her actions as Liberty, and the "yellow bastard" thing, and her conversation with Homelander make it seem like she's adheres to 1930s scientific racism. Which is absurd, since the experiment that created her, and the experiments that she's overseeing at the hospital, prove there is no racial or hereditary element to superhumanity. It's the drug, there's apparently one Supe-Human hybrid--and we don't know if he's fertile--and no Supe-Supe children at all. And the drug is completely egalitarian, it works on any race.
* She's supposed to be coded as Jewish, right? This show's usually pretty obvious with it's stereotypes, I'd hate to think I misread one.