Yup, seems there's a history of octopuses being associated with anti-semitism.

Per Reddit, the octopus with the writing on its tentacles is an anti-Zionist caricature from the Soviet magazine, Krokodil, 1972. Comments include:

[deleted] - 8 yr. ago - For those curious, from the top left going clockwise the tentacles read: "aggression", "provocations", "adventures" (i.e. imperialism?), "antisovietism", "anticommunism", and "terror".

and

Adan714 - 8 yr. ago - Adventure time! Oy vay!

Авантюра - a reckless scheme, a crazy attempt

https://www.reddit.com/r/PropagandaPosters/comments/41kukt/the_tentacles_of_the_octopus_soviet_antizionist/

The blue octopus grasping the world is called, "Seppla" [(by) Josef Plank], (which portrays Winston) Churchill as an octopus, between 1935 and 1943. Both the war against Nazi Germany and efforts to stop the Holocaust were hampered by anti-Semitism. Axis propaganda sought to portray Churchill, who was sympathetic to Zionist aims and had many Jewish friends, as part of a supposed Jewish conspiracy. Here, he is shown as an octopus fastening his tentacles on the globe.

https://www.loc.gov/exhibits/churchill/interactive/_html/wc0213.html

The octopus poster shown near GB's picture is an Octopus map reflecting French antisemitism at the turn of the 20th century (1906)

https://www.reddit.com/r/MapPorn/comments/wduz7e/octopus_map_reflecting_french_antisemitism_at_the/