Fine's VA Saori Hayami claimed at some events that a number of scenes in the show did indeed have a deliberate homoerotic subtext. The other cast members seem to agree with this, supporting the view of Finé and Izetta as a couple.
The production team tried to prevent this from being the case in Germany by not only having No Swastikas on the Germanian soldiers, but the story takes place in an alternate reality where Germany is still a Monarchy under a Kaiser, and the Nazis do not exist at all.